The City of Geneva has revealed its accounts will show a CHF 200m surplus for last year.
It comes on the back of the canton saying it also has a surplus of CHF 1.4bn.
The reason is the same, an explosion in tax revenue, mainly from businesses, but income tax was also CHF 50m better than forecast.
But the windfall will not be used to cut tax – the city says it will reduce its debt.
The finance minister – and mayor – Alfonso Gomez, says the city will remain cautious as much of the surplus comes from specific sectors – such as companies dealing with international trade, finance and watchmaking.
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