Half-yearly accounts 2018
The operating result of the Municipality of Hafnarfjörður for the first half of 2018 was a surplus of approximately 758 million krónur, whereas the budget had provided for an operating surplus of 449 million krónur. The main variances were that contributions from the equalisation fund exceeded the forecast by 93 million króna, other revenues were 140 million króna over the forecast, and finance costs were 119 million króna lower than forecast.
The operating result of the Municipality of Hafnarfjörður for the first half of 2018 was a surplus of approximately 758 million krónur, whereas the budget had provided for an operating surplus of 449 million krónur. The main variances were that contributions from the equalisation fund exceeded the forecast by 93 million króna, other revenues were 140 million króna over the forecast, and finance costs were 119 million króna lower than forecast.
Revenues amounted to 13,153 million króna, which is 237 million above the forecast. Wages and salaries are the council's largest expenditure item, amounting to 6,299 million króna, which is 53 million króna higher than forecast. Other expenses were 4,400 million, which is in line with the budget. The operating result before depreciation was a positive 1,468 million. Depreciation was 493 million kroner and finance items amounted to 708 million kroner. Operating cash flow was approximately 1,957 million kroner, which is about 151% of total revenues.
The management of portfolios went well and was in line with plans. The largest policy area is education and childcare, which received an allocation of approximately 6.208 billion króna, social services received approximately 1.801 billion króna, and youth and sports affairs received approximately 922 million króna.
Total assets at the end of June amounted to a total of 51,691 million króna, having increased by 517 million during the period. Total liabilities and commitments amounted to a total of 39,946 million króna. New loans were taken out for the settlement with the Brú pension fund for the A-savings plan, amounting to 2,036 million króna, and 500 million króna for the construction of a new care home. Other projects were financed by retained earnings and the sale of plots of land.
The Half-yearly Financial Statement of the City of Hafnarfjörður for January–June 2018 was presented to the Hafnarfjörður Town Council today, 16 August 2018.