The mountainous municipality has settled on four priority projects for next year and has agreed on a €15,526,911 spend, approved on the 20th of December by the council.
"The budget for 2014 reflects the difficult national and local economic situation that has been observed in recent years and the macroeconomic scenario for this year," commented the council in a statement.
The mayor of Monchique, Rui André, said that the council has made good efforts in debt reduction over the past year, more than 60% of long, medium and short term debt has been cut via payments of more than €8 million.
"This is the first budget where we expect to increase investment in key sectors for the economic development of Monchique,” said the Mayor.
Spending priorities are on sanitation, the construction, renovation and expansion of the water supply, corporate hospitality development and the boosting of the budget for Civil Protection equipment.
"The budget for 2014 is the result of a combination of containment and a gradual efficiency in municipal management, following the work done over the last four years, but also for investment and growth in order to boost the economic recovery, also from boosting local businesses," concludes the council.
