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The Turku Urban Research Programme is a research collaboration and knowledge-brokerage initiative between the City of Turku, the University of Turku, and Åbo Akademi University, also involving co-operation with other universities and research institutes. The municipality aims to gain insights and policy advice, while universities benefit from the regional engagement and strengthening of urban scholarship, including the challenge to develop projects with both academic and practical relevance.
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The City of Turku controls 57 subsidiaries, of which 48 are consolidated in the consolidated financial statements. Of the consolidated subsidiaries, three are foundations and 18 are housing and real estate companies. There are 29 consolidated associated entities and three joint municipal authorities. Four subsidiaries and four associated entities have been consolidated through the sub-group of the Joint Municipal Authority of the Hospital District of Southwest Finland.
At the end of the financial year, the balance sheet total was EUR 1,806.3 million. The decrease compared to the previous year was EUR 111.8 million (5.8%). Due to the poor financial period’s profit/loss, equity decreased by EUR 36.5 million (4.5%). The equity ratio increased by 0.6 per cent, being 44.8 per cent at the end of the year (44.2% in the financial statements for 2018). A level that exceeds 50% can be regarded as the general target level for municipal economies.
The city’s liquidity remained good throughout the year. At the end of 2019, the city’s cash reserves amounted to EUR 204 million (EUR 176 million in 2018), not including investments in the city’s own funds. The EUR 28 million increase in cash reserves was primarily due to the capital gains from the sale of Turun seudun sosiaali- ja terveyspalvelukiinteistöt Oy’s shares. Cash and cash equivalents, which included cash reserves as well as investments in the city’s own funds (damages fund), totalled EUR 239 million (EUR 208 million in 2018).
The city’s investment expenditure in 2019 was a total of EUR 120.9 million (EUR 81.2 million in 2018). A total of EUR 4.2 million in funding contributions was recorded for investment projects (EUR 1.1 million in 2018).
The operating cash flow (internal financing) was negative by EUR 6.5 million. The low operating cash flow is contributed to by the exceptionally low annual margin. The annual margin of EUR 11.7 million is not enough to cover the EUR 57.8 million in planned depreciations. The planned depreciations increased by EUR 1.9 million from the previous year. The repayment of the Student Village Foundation of Turku’s loan, which was deducted as an uncertain receivable from the surpluses accrued in conjunction with the preparation of the initial balance for 1997.
Revenue from central government transfers amounted to a total of EUR 261.7 million, being EUR 5.3 million, i.e. 2.1% more than the previous year.
Determination of Turku’s tax revenue | 2015 | 2016 | 2017 | 2018 | 2019 |
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Income tax rate (%) | 19.50 | 19.50 | 19.50 | 19.50 | 19.50 |
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The total deficit for the financial period was EUR 36.5 million. The profit/loss for the financial year was negative by EUR 38.4 million. A total of EUR 1.9 million of the accumulated depreciation difference was recognised as revenue to cover the planned depreciations of investments implemented with investment reserves. The deficit was positively impacted by the EUR 7.6 million repayment of the Student Village Foundation of Turku’s loan, which was recorded in extraordinary revenue.
Measured in person years and including all employees, the amount of labour used in 2019 was 10,467.3 Over the course of the year, debt counselling services were transferred to the state on 1 January 2019, occupational health care was corporatised on 1 January 2019, the Luolavuori-Koivula home care services were hived off on 28 March 2019, and cleaning services were transferred to the Hospital District of Southwest Finland on 1 June 2019.
Southwest Finland is now in the midst of industry-driven economic growth hinging on the maritime and car industries. In the third quarter of 2019, the field that was fastest to increase its turnover was the manufacturing technology industry (metal industry), with an annual increase in turnover of 18.9%, according to Statistics Finland. Rapid growth could also be seen in the ICT sector (12.0%), which is focused in the Turku sub-region, and business services (11.4%).
The budget for 2020 and the financial plan for 2020–2023 are strongly in deficit. The positive development of the general economic situation is finally beginning to impact the city’s finances. Based on tax revenue, the development of taxable income has been promising with regard to both municipal taxes and corporation taxes. The reformations instituted by the Tax Administration in 2019 have made it more difficult to predict the development of municipal tax revenue, which will remain to be the case in 2020.
Operating environment
In 2019, the city of Turku and the region around it increased their appeal and maintained their economic growth. Unemployment dropped moderately, reflecting the positive economic trend in the area, but remained at a high level regardless. According to preliminary data, the city’s population increased by 1,915 people last year.
The summary presents the main points of the city of Turku's 2019 financial statements.
You can move from chapter to chapter by clicking on the titles below and the links at the end of the chapters.
The City Board’s Concern Section is responsible for developing the group coordination and for coordinating the strategic entities and for controlling their ownership policy.
The section also takes care of the coordination of the Service Centres which are subordinated to the City Board.
The City Board’s Concern Section has 13 members, and each member has a personal vice member. The City Council chooses the members of the City Board’s Concern Section for two years at a time.
A call is open for research projects matching the Turku Urban Research Programme 2019-2023. The research funding is provided by the City of Turku, the West-Finland Housing Association of Public Utility, the University of Turku, and the Åbo Akademi University. The call applies to research groups, led by and including researchers affiliated with the University of Turku (UTU) and the Åbo Akademi University (ÅA).
Do you lack a venue for a meeting or for a festive event? Arkea’s Restaurant Nereidi can be transformed to a venue for a festive event for up to 180 persons.
The address of the restaurant is Postikatu 2 in the Pitkämäki region in Turku.
We also arrange festive events and other happenings with style in a professional manner. Please feel free to reach us via e-mail ravintola.nereidi@arkea.fi or by phone +358 40 631 7586 to ask further information.
Meeting RoomsAuditoriums
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General brochure of Education Division
- Sivistystoimialan yleisesite 2018
- Bildningssektorns allmänna broschyr 2018
- General brochure of Education Division 2018
Historical publications
The City of Turku cooperates actively with other cities in different city networks both in the home country and internationally. The main goals of the international cooperation are:
- joint promotion of interests in the European urban policy
- theme-specific cooperation
- comparison of good practices and operations models and exchange of experiences
The City of Turku with its partners also participates in several field-specific networks like organisations and networks of culture, industry, logistics and universities.
Northern Baltic’s most interesting city
Turku will turn respectable 800 years in 2029. This important year has also been chosen as the focal point for examining the City Strategy and Turku’s future. The celebration will agreeably take place in a city that is better managed and participatory, and has a healthy economy.
A City Strategy extending to 2029 has been compiled for Turku in broad cooperation, and it was accepted by Turku City Council on 23 June 2014. The updated version of the City Strategy was accepted by the City Council on 16 April 2018.
Many Turku based sports clubs wished for more co-operation between the Sports bodies and the sports clubs, so in the spring of 2003 the increase of such interaction was discussed.
The Sports board introduced at Parainen city’s strategic days that the cooperation between sports clubs is important to raise as a focus area of strategic planning and that a permanent organization should be founded to co-ordinate the co-operation between the two sports parties.
The Turku.fi website and the Turku region events calendar
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