The Balearic government's budget for 2020 will be 5,893 million euros, which represents an eight per cent increase over this year's budget.
Approval was given at Thursday's cabinet meeting to a budget plan that had been well-publicised in advance. The spending ceiling, to exclude purely financial payments (for debt), was known a couple of weeks ago. This will be 4,384 million euros, a decrease of 50.2 million. Despite the small fall, this spending will be the second highest ever by a Balearic government; this year's is the highest.
The financial budget amounts to 1,509 million, which is a significant increase: 47% more than this year. The rise is mainly because of an obligation to settle two bonds issues which expire in 2020 - one for 150 million euros from 2005 and another for 300 million euros from 2010. Otherwise, payments relate to accumulated debt and to agreements made in the past couple of years in respect of certain annuities.
The bulk of the 4,384 million euros - 70% - is for social spending. In other words, there is 3,091 million for health, education, social services, employment and housing.
Finance minister Rosario Sánchez said on Thursday that the "great challenge" continues to be investment in facilities for health, education, the network for caring for the elderly and the vulnerable, and social housing. Other priority areas, she noted, include energy efficiency, transport, water resources, training, innovation, and historical and cultural assets.
The budget will now to go to parliament for final approval. Parliament has already approved the 4,384 million euros spending ceiling.
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