Faro Council’s finances have received a boost, mainly from an influx of property sales tax (IMT) receipts as real estate sales continue to boom in the regional capital.
The budget surplus from carried over from last year is around €9 million which the mayor is to use to build cuddly things like a new dogs home, long-overdue houses for displaced fishermen and more council houses.
The revenue boost is mainly from the Municipal Tax on Real Estate (IMT), up €3 million in 2018 over 2017.
Mayor Rogério Bacalhau also wants to ‘invest’ in the improvement of sports equipment and create better conditions for cycling in the city.
Faro Council will present a proposal for budget revision next Monday to invest €9 million in vote grabbing works across the council area.
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