2023 was the first year in which the expenditure and income of social services, health care and rescue services are no longer part of the city’s self-financed budget. Key figures show that the restructuring had little impact on the City of Helsinki’s financial situation.

The city’s national advocacy has developed with the mayor model over the last two strategic periods.

Action has been taken on 94% of the recommendations from the 2021 assessment report.

The city has developed its building asset management and disposal processes and ownership policies, but these do not yet fully support strategic objectives and service needs. The disposal process for premises has recently been developed, so it remains to be seen what its effects will be.

The city’s finances were on a solid footing despite a slight increase in the loan portfolio. The transition of Social Services, Health Care and Rescue Services to government funding from 2023 onwards will significantly change the funding base.

The economy of the city still has a sound foundation, even though the increasing operating costs have exceeded the limits determined by the City Strategy. The city has succeeded in reducing the loan portfolio in accordance with the strategy while the investment costs have been high. The social welfare and health care reform in 2023 will change the financing base considerably.

The measures promoting a friendly attitude towards companies, for which the Economic Development Division of the City Executive Office was responsible, have largely been successful. In the future, the development of corporate cooperation and a favourable attitude towards companies will require contributions from the entire city organisation and the Economic Development Division in particular.

The costs of the Olympic Stadium modernisation and refurbishment project were almost EUR 127 million higher than estimated in the project plan. Additional and alteration work increased the costs the most. Another reason for the cost overrun is the fact that the costs of the project plan were not tied to the tender price index.

It has been possible to reduce borrowing despite large investments. The increase in expenditure has exceeded the target of the City Strategy. The COVID-19 pandemic is causing economic uncertainty.

The auditor has repeatedly issued recommendations on the following topics: memo vouchers, balance sheet breakdowns, the tracking of movable assets and the existence of assets, procurement activities and administration.

The City’s finances were strong in 2019. The coronavirus pandemic will weaken the City’s finances in 2020.