Alcoy to cover 100,000 euros following Ivace subsidy cuts

The local government reports that the funding reduction comes after industrial estate works have already been completed.

Generic image of budget documents in a municipal office.
IA

Generic image of budget documents in a municipal office.

Alcoy City Council will have to cover a deficit of nearly 100,000 euros in its budget for industrial estate improvements following a funding cut announced by Ivace.

The local government has received an official notice informing them of a 12 to 15 percent reduction in the subsidy committed for the current year. This measure forces the local administration to cover the costs of projects that are mostly already completed or in their final stages.
According to data provided by the municipal government, the final amount the City Council will receive will range between 85.49% and 88% of the initially granted aid, which totaled nearly 670,000 euros. Municipal officials have expressed their frustration over the lack of foresight, noting that this situation complicates previously established economic planning.
The council has criticized the timing of the notification, which arrived when works in the industrial areas were already nearly finished. They also recalled that this is not the first time adjustments to regional aid have occurred, creating significant uncertainty in the management of local infrastructure projects.