Helsinki prepares separate financial statements for Municipal Helsinki; the Social Services, Health Care and Rescue Services Division; and the City of Helsinki as a whole. Municipal Helsinki includes the Education Division, the Culture and Leisure Division, the Urban Environment Division, the City Executive Office and the City’s enterprises. The financial statements for 2024 will be processed by the City Board on 24 March 2025 and by the City Council on 18 June 2025.
In 2024, the operating revenue of Municipal Helsinki forecast in the profit and loss account was EUR 1,384 million, while the actual revenue exceeded the budgeted figure by EUR 51 million. The outcome was increased by land lease and real estate sales income. Municipal Helsinki’s operating expenses, such as service provision for residents, were EUR 2,974 million. The actual operating expenses were EUR 42 million lower than budgeted and 2.7 per cent higher than the 2023 outcome.
The operating margin deficit was EUR 1,590 million, and the outcome was EUR 93 million better than anticipated in the budget. The operating margin deficit outcome was at the 2023 level. The operating margin indicates how much of the operating expenses have to be covered with tax revenue and central government transfers.
Helsinki was paid EUR 1,069 million in municipal tax, which was EUR 69 million more than budgeted. One reason for this was a better-than-estimated development of incomes. The City was paid EUR 447 million in corporate tax and EUR 353 million in real estate tax. Central government transfers accumulated to a total of roughly EUR 302 million. Helsinki must finance both its service costs and investments with its tax and other revenue. Municipal Helsinki’s result for the financial period was EUR 336 million.
The City's cash flow from operations and investments, which is a key indicator of the economic balance of the growing city, declined to a negative EUR 95 million. However, the cash flow from operations and investments was better than anticipated in the budget, due to reasons such as investments being lower than budgeted. The cash flow from operations and investments indicates how much of the cash flow is left for net lending, loan repayments and strengthening of the fund. When the figure is negative, expenses have to be covered by either reducing cash flows or taking out more loans. In 2024, 88 per cent of investments were funded with internal financing.
Investments increased to more than EUR 820 million
Helsinki invested in service facilities for current and future residents, infrastructure and public transport. In 2024, Municipal Helsinki’s investments were EUR 823 million, which is EUR 27 million less than in 2023. With the inclusion of the public transport investments of Metropolitan Area Transport Ltd, which were the City’s investments before 2022, the comparable level of investment rises to approximately EUR 990 million.
In 2024, Helsinki spent a total of EUR 277 million on building construction projects, of which new and supplemental construction amounted to EUR 101 million and renovation projects amounted to EUR 176 million. Of the City’s major renovation projects, the renovation of Finlandia Hall was completed in 2024.
Helsinki spent a total of EUR 87 million on major transport projects. Of the City’s major projects, a tramway from Kalasatama to Pasila was completed in 2024 and commissioned in August. The City’s investments in the Crown Bridges project was nearly the same as in 2023 at EUR 69 million.
Social Services, Health Care and Rescue Services Division’s financial performance better than budgeted
The Social Services, Health Care and Rescue Services Division’s financial performance was better than budgeted. In 2024, the result for the financial period was roughly EUR 29 million.
The Division’s operating margin outcome was better than budgeted. The improvement of the operating margin was due to increased operating profits. The better-than-budgeted profit outcome was contributed to by factors such as increased client fee income due to an increase to client fees.
The Social Services, Health Care and Rescue Services Division received EUR 2,700 million of funding through central government transfers.
