“The municipal executive had approved the immediate transitional support under the emergency appeal, estimating that, for the period September 2014 to April 2015, there is a need to 10,947,614.72 euros (corresponding to the amount of expense that is not covered by the estimated revenue in the period), “reports the executive led by Ribau Esteves (PSD) in a statement.
The decision, taken on Wednesday, took into account” the serious imbalance financial CMA, which commits the institution’s ability to honor its basic commitments, ensuring the ability to quickly salary payments ‘, the maintenance of essential public services’ compliance with the debt service. “
According to the text released by the municipality, the amount of interim emergency support is still being negotiated with the Government and the contract for use of the scheme of transitional assistance after an emergency must be approved by the House and the Municipal Assembly, producing effects seen after the Court of Auditors.
The municipal government approved joining the FAM, as the county is covered by the criteria for the “mandatory access”, namely to have a 3.6 times greater than the average total debt the net current revenue in the last three years.
The Hall of Aveiro awaiting the approval of the FAM out of the situation of financial asphyxiation and since July has been preparing the Plan of Adjustment Municipal (PAM).
This plan is divided into measures of fiscal rebalancing, financial assistance and debt restructuring.
As for fiscal rebalancing, reduction measures and rationalization of current expenditure and capital-are envisaged, of maximizing its own revenue, and management of internal control instruments, some of which “have taken since October 23, 2013.”
In connection with the restructuring of the financial and non-financial debt, the municipality will formally begin the process of negotiating with creditors to submit to the respective FAM plan to restructure debt (PRD), “of particular importance to negotiation with the major lenders and banking.”
As regards financial assistance, the Plan of Adjustment Municipal predicts the contraction of long-term loan through the FAM own
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