At the end of the financial year, the balance sheet total was EUR 1,792.7 million. The decrease compared to the previous year was EUR 13.6 million (-0.8%). The surplus for the financial period increased equity by EUR 10.2 million (1.3%).
The City’s liquidity remained good throughout the year. At the end of 2020, the City’s cash reserves amounted to EUR 139 million (EUR 204 million in 2019), not including investments in the City’s own funds. Cash reserves decreased by EUR 65 million in 2020. As regards the cash reserves, long-term interest investments were discontinued almost entirely in 2020 since the decreased interest level pushed the values of interest investments too high, resulting in a poor risk-reward ratio.
The largest ongoing infrastructure projects were the Logomo bridge and the Market Square. Other extensive construction projects in the urban environment included the extension to Pyhän Maarian tie, Koroistenkaari and Puolalanmäki. Among the ongoing renovation projects of the City’s service buildings, the largest ones were the modifications of Ruiskatu 8, the renovation of Puolala School and the renovation of the Kallelankatu day care centre.
The operating cash flow was positive by EUR 48.1 million (-6.5 in the financial statements for 2019). The increase in internal financing is largely the result of the central government’s measures to support municipal tax funding, which boosted the annual margin significantly from the previous year. EUR 53.1 million was received as central government transfers and EUR 22.3 million was received for corporate tax revenue. Of the central government transfer, EUR 47.7 went to basic services and EUR 1.5 million to the Education and Culture Division.
Revenue from central government transfers amounted to a total of EUR 336.5 million, being EUR 74.7 million, i.e. 28.6% more than the previous year. The central government granted a sizeable support package for municipalities to cover the effects of the coronavirus pandemic.
Determination of Turku’s tax revenue
Income tax rate (%)
Property tax rate (%):
The unexpected coronavirus pandemic significantly restricted the predictability and development of national and municipal economies. However, a surplus of EUR 10.2 million for the financial period was achieved primarily thanks to a EUR 75.4 million central government injection to support the tax funding of municipalities. EUR 53.1 million was received as central government transfers and EUR 22.3 million was received for corporate tax revenue. Of the central government transfer, EUR 47.7 went to basic services and EUR 1.5 million to the Education and Culture Division.
Measured in person-years, the amount of labour used (entire personnel) during the period 1 January–31 December 2020 was 10,489.4. The reference figure from 2019 takes into account the transfer of the family law unit to the City on 1 March 2020/1 April 2020 (+7,3 person-years) and the transfer of the welfare division’s information system support to 2M-IT Oy on 1 September 2020 (-2,6 person-years). Taking the organisational changes into account, the use of labour across the entire staff increased by 19.5 person years (+0.19%).
Produced by Statistics Finland, division-specific turnover data for the Turku sub-region is available until the end of September 2020. The impacts of the coronavirus pandemic are evident in the development of turnover and the number of employees of the Turku sub-region and the entire country. The turnover for businesses in all sectors increased moderately by 0.9% (entire country -0.8%) from the previous year in the Turku sub-region during the first quarter of 2020, but turned to a steep decline in the second quarter (sub-region -10.9% and entire country -8.5%).
The budget for 2021 and the financial plan for 2021–2024 are strongly in deficit.
Across the globe, the year 2020 was characterised by the coronavirus pandemic and its dramatic impacts on the functionality of societies. Finland implemented strong restriction measures to curb the pandemic, especially during the spring of 2020. The restrictions and changes in people’s behaviour had a significant impact on the City’s operations and its operating environment. However, the effect on Finland’s general economic situation was more moderate than originally feared.
The summary presents the main points of the city of Turku's 2020 financial statements.
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Through the example it sets in its own activities and operation, Visit Turku aims to encourage its partner companies to develop their own practices toward the achievement of certification in sustainable tourism. As a tourist destination, Turku views the sustainable certification as of critical importance to tourism operators in the area.
As a regional organisation, Visit Turku strengthens the region's attractiveness in terms of sustainability, through marketing communications and by offering sustainable travel and tour packages.
For a long time, Ruissalo was used for pasture. People began cutting down groves in the 1540s to cultivate fields. Around the same time, Ruissalo came under the rule of Turku Castle, and its crops were used for the castle’s needs. In the 1550s Ruissalo became the hunting grounds for the Duke of Finland.
Higher education students enjoy living in Turku. This was demonstrated by the student survey conducted in the spring of 2020, which was responded to by 3,430 students. As many as 98% of them would recommend Turku to their friends as a student city.
The abnormal spring period overshadowed by the coronavirus pandemic did not dilute higher education students’ views of Turku as a great city for students. They find that Turku offers an excellent environment for studies and living. Almost all of the respondents would recommend Turku to their friends as a student city.
Over a million squares of new construction, investments worth billions, over 10.000 new jobs and apartments for 20.000 new Turku residents. The area of Itäharju triangle, approximately 90 hectares in size, offers a platform for the significant growth of Turku Science Park. Turku Science Park combines projects of land use, construction, mobility and functionality in the area into comprehensive urban development where all these projects support each other.
Good transport connections, a walking distance to the city centre, park-like urban spaces and modern housing solutions also guarantee the attractiveness of Science Park as a residential area. The number of residents in the Science Park area will grow by as many as 20.000 when new apartments are built on the side of Kupittaa park, in Itäharju and in the Student Village. The sharp increase in residents will add to the round-the-clock vividness of the area and diversify its service offering.
The strength of Turku Science Park is its excellent location in the proximity of the city centre and good transport connections. The developing of Science Park proceeds in stages as large entities and the transport and mobility solutions are further developed at the same time.
Turku Science Park is a future-oriented urban space of high class. Its building blocks include smooth and smart services, smart mobility solutions and diverse free time opportunities that support wellbeing.
Turun Tiedepuisto - Turku Science Park, one of the three spearhead projects of the City of Turku, is an important component in developing the attractiveness and competitiveness of the city. The objective of the project is to use new network-like operating models to create a boldly experimental cluster of know-how of international interest that has diverse functions and is logistically attractive.
Top experts in light microscopy to meet in Turku in 2021
The 2021 International European Light Microscopy Initiative (ELMI) conference has been decided to be organised in Turku. The conference welcomes research centres providing light microscopy services and equipment, as well as companies in the field from Europe and elsewhere around the world to Turku.
The Service Map (opens in new window) is an open information channel on the service points and services offered by the City of Turku. The Map helps the inhabitants of the municipality find current information on services offered by the city, as well as on the accessibility of the services. Using the Map, it is possible to provide feedback and engage in open conversations directly with the people in charge at the services and the service points.
Åbo Akademi University has been offered the rare opportunity to host a large-scale history congress. The ENIUGH 2021 congress will be organised in Turku in June 2021. The congress is expected to attract as many as 600 delegates.