Each year seems to bring a new record level of budget spending in the Balearics, and 2023 will be no different. On Wednesday, during the second day of the general policy debate in parliament, President Armengol announced that the budget will rise by 15% to a total of 5,947.5 million euros; 770.9 million euros more than this year. This is due to be approved at the next cabinet meeting and will then go to parliament for processing.
The increase, the president explained, will include the Spanish government's payment by way of compensation for the costs of insularity, as contained in the REB special economic regime for the Balearics. It will also include EU Next Generation recovery and resilience funding.
"The Balearics will have the highest ever ceiling of non-financial spending. There will be reinforcement of essential public services and measures against inflation caused by the crisis of the war in Ukraine. This extraordinary increase in funding will serve to provide a social shield that will help overcome the coming months with the lowest possible cost for domestic economies."