Cyprus Union of Municipalities Welcomes New Stable Funding Model in Proposed Bill
The Union of Municipalities in Cyprus has expressed strong support for a proposed amendment bill that changes how municipalities receive their annual state funding. The bill replaces the current fixed annual grant of €117 million with a variable rate of 1.52% of the state's maximum ceilings for net primary expenditure, excluding loan repayments, interest, investments, defense, and EU contributions.
This new funding formula aims to provide municipalities with more financial stability and predictability, reflecting actual fiscal conditions rather than a fixed sum. Additional funding provisions are included within the bill for municipalities facing serious and justified financial needs.
The Union of Municipalities praised the ministry’s inclusion of their main proposals following months of consultations and stressed the importance of swift parliamentary approval. They believe this legislative change will modernize municipal financing and secure the long-term viability of local governments across Cyprus.
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