Switzerland: Federal Budget Ends With Surplus, Not Deficit
By SwissInfo
Switzerland’s federal budget has closed with a surplus of SFr.1.9 billion ($2 billion) rather than the predicted deficit of SFr600 million.
However, the extra money will go straight towards extraordinary expenses. For example, the government is contributing to SFr2 billion to Swiss Federal Railways infrastructure, as well as to its pension fund.
With these expenditures taken into account, the surplus will amount to SFr200 million, as the finance authorities announced on Wednesday.
Most of the SFr1.9 billion surplus came from revenue gained via withholding tax. Meanwhile, SFr700 million was not spent as planned. The delayed purchase of new fighter jets was one such example.
The cabinet approved the numbers on Wednesday while approving transfers for 2013 and budget estimates for 2014-2016.
