Financial statements 2024 of the municipality of Vaduz

The 2024 annual financial statements of the municipality of Vaduz close with an income surplus of CHF 15.2 million, presenting a very pleasing picture. "The overall result of the income statement significantly exceeds the budget, but shows a decrease in the income surplus of around CHF 16.2 million compared to the 2023 financial statements," summarizes Mayor Florian Meier.

The overall result (retained earnings) for 2024 is made up of the operating result (CHF 0.8 million) and the financial result (CHF 14.4 million). The operating result was CHF 7.3 million higher than budgeted. The main positive deviations were in tax income (+ CHF 3.0 million) and in unused budget items in operating expenses (- CHF 7.5 million). Depreciation amounts to around CHF 13.5 million and is CHF 1.1 million higher than forecast in the budget. Compared to the 2023 annual financial statements, however, the result from operating activities is down by around CHF 15.9 million. This decline in operating activities compared to the 2023 annual financial statements is mainly due to the following factors

• Lower operating income (- CHF 4.6 million)
• Additional expenses for horizontal financial equalization (+ CHF 8.5 million)
• Higher operating operating expenses and depreciation (+ CHF 1.4 million)

Financial result and investment volume

The positive financial result had a significant impact on the 2024 annual financial statements. The time-weighted return (TWR) on financial assets was 5.41% (2023: 5.7%), resulting in an overall profit (net) of CHF 14.4 million.

The net investment volume of CHF 29.2 million corresponds to an implementation rate of 98.2%. Compared to previous years, the total expenditure in the investment statement was almost fully utilized in 2024.

Larger expenditure items were:

• New construction of the Schaanerstrasse fire station, CHF 7.8 million
• Vaduzer-Saal, redesign of event rooms, CHF 3.0 million
• Civil engineering (roads, water, waste water), CHF 10.6 million
• Photovoltaic systems for municipal buildings, CHF 1.1 million.

Summary and outlook

The 2024 annual financial statements present a very pleasing picture. The results from operating activities and the financial result significantly exceeded the forecasts in the budget. Nevertheless, the focus is increasingly shifting to the operating area. The continued dynamic development of operating expenses compared to the comparatively moderate or even declining income trend has meant that the annual result is increasingly influenced by the financial result and therefore more by developments on the global financial markets.