Torrevieja’s savings pay off as debt is reduced

Torrevieja’s Councillor for Finance Joaquin Albaladejo has announced that the city’s debt has been reduced by more than 14 percentage points from 86.44% at December 31, 2012, to 71.88% at December 31, 2013.

Albaladejo highlighted the fact that the work of the current administrative and management team had resulted in a reduction in expenditure since 2012.

Spending on current goods and services had decreased by 18.38% and financial expenses also decreased by 34.39%. 

He said the government team had worked hard to ensure that they did not have to raise taxes, to secure the survival of each and every one of the municipality’s social benefits and payment of all city employees.

In the last year, despite having paid a total of €16.1 million for urban costs, Torrevieja had made a positive net saving.