Cantonal finances Basel-Stadt corrects budget surplus upwards

The second projection for the 2024 budget of the Canton of Basel-Stadt shows a surplus of 106 million francs. Originally, a surplus of 73 million francs had been budgeted, as the Basel government announced on Tuesday.

The CHF 33 million increase in the surplus is due to a higher estimate of tax revenue, according to the statement. The share of direct federal taxes is likely to be almost CHF 100 million higher, and the forecasts for legal entities and natural persons also promise higher revenues.

According to the press release, however, the current projection for other direct taxes assumes a shortfall of just under CHF 80 million compared to the budget. This includes inheritance tax and property gains tax, for example.

There will also be a shortfall in the distribution of profits from the Swiss National Bank (SNB) (minus CHF 46 million). Due to the SNB's loss in the 2023 financial year, no profit distribution was made to the cantons.