Geneva's Finances
Money Mixtape
Monday, 18 November 2024 - 7 minutes
In this episode of Money Mixtape, Victor Cianni from Alpian Bank explores the finances of the State of Geneva, especially in light of upcoming votes on tax reductions and public services like TPG. Geneva's finances are structured similarly to personal budgets, with assets, debts, income, and expenses. The canton holds CHF 34 billion in assets, primarily in real estate and infrastructure. However, it also has significant debt, around CHF 15 billion, mostly due to past crises and large projects like the CEVA railway. In 2023, the state generated CHF 15.8 billion in revenue, with 60% coming from taxes, 25% from public services, and the rest from fines and property. Interestingly, the wealthiest 1% contribute a third of income taxes. Revenues fund services like education, healthcare, and infrastructure, and the state managed to generate a surplus in 2023. Victor emphasizes that understanding these finances is crucial for voters, as every decision impacts public services and taxes.
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