Taavi Aas: the financial reliability of Tallinn is not doubtful.

“All statements about the financial unreliability of Tallinn have no basis”, Taavi Aas's says. According to him, this is confirmed by a consolidated report for the past financial year, that was sent by the city hall to the capital "parliament" for approval.

"The conclusions, that can be made on the basis of the report, fully coincide with the assessment of financial reliability which were given to Tallinn by leading international rating agencies "Moody`s" and "Fitch", which considered that the financial situation of Tallinn is not just good, but also strengthens,"said Taavi Aas, current mayor of Tallinn.

The report provides an overview of work of 23 official institutions and 250 their dependent enterprises, as well as overview of 9 commercial associations with the decisive influence of the city, 14 target institutions and one non-commercial association. In total, there are almost 19 thousand employees working there.

According to the report, at the end of 2016 the financial position of the consolidated group was quite solid. Debt burden was187 million €, ie. 33.9% of income from core activity.

"Fitch" not only retained a high category of credit rating A in Tallinn by the end of the year, but also recognized the city's prospects stably positive. At the end of the year, the consolidated balance formed 1,48 billion €, while the net – 1,05 billion €. Income from activity for the past year amounted to 761 million €, and costs - 726 million € with excess of Iincome over expenditure of 36 million €.

In the audit report, the certified auditor wrote: "In our opinion, the consolidated accounting report in all main sections fairly reflects the consolidated financial condition of the consolidated group on December 31, 2016.

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