The 2023 Flemish budget will not go as deep into the red as had been previously forecast. That is according to the latest budget monitoring report. At the time of the last budget revision, the Flemish Government had forecast a deficit of 1.970 billion euro. However, the last budget monitoring report now forecasts the deficit to be 463 small at 1.507 billion euro.
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Flemish budget deficit expected to be lower than initially forecast
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Part of the reason for the better-than-expected budget figures is some expenditure being lower than had been initially forecast. For example, the funding made available to help companies that were running into difficulties due to spiraling energy costs was not spent in full. Furthermore, some investments that had been planned by the Flemish Waterways Board have been delayed and the money had been set aside for the investments not spent.
The Flemish Finance and Budget Minister Matthias Diependaele told the press agency Belga that funding set aside to address the energy crisis and the war in Ukraine had not been used up in full and that the Flemish Government had budgeted wisely.
The Flemish budget remains in the red though. However, Mr Diependaele says that Flanders remains on track for a balanced budget by. 2027.