Monaco: a new balanced budget in 2026

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Bill No. 1116 establishing the Initial General Budget for the 2026 fiscal year was tabled in public session and referred to the Commission on October 2, 2025.

In view of the evolution of revenues and expenses, the 2026 Initial Budget shows a projected revenue surplus of €8.8 million. For the record, the 2024 financial year closed with a surplus of €192.7 million, while the 2025 Amended Budget shows a revenue surplus of €86 million.

The 2026 budget forecasts revenues of €2.217 billion, up +5.7% (or +€118.6 million) compared to the 2025 Initial Budget (€2.098 billion) and expenditure forecasts of €2.208 billion, a slight increase compared to those in the 2025 Initial Budget (€2.187 billion, or +1%, or +€21.3 million).

The main guidelines of this 2026 Preliminary Budget are as follows:

Revenues for 2026 will increase by €118.6 million (+5.7%), driven by tax contributions (+€136.8 million), while state property revenues will decrease by €19.3 million (-4%). Despite this increase, they remain lower than in 2024 (–€107.7 million) and in the 2025 Amended Budget (–€272.7 million).

Operating expenses increased by €41.7 million (+5%).

On the other hand, investments fell by €56 million (-6.6%), particularly in acquisitions, the NCHPG, the CTVD and the Ilot Pasteur and Socle Charles III operations, while certain expenditures increased, such as the Villa Sauber (+€18.5 million), the Stade Louis II (+€23.1 million) and the National Housing Plan (+€48 million).

In addition, the following actions are being pursued as part of the 2026 Preliminary Budget:

Supporting the rollout of other major infrastructure projects, such as the renovation/reconstruction of Cap Fleuri and the renovation of public buildings;
Continuing to strengthen resources for pedestrian mobility and digital transition;
Supporting the Principality’s attractiveness with the restructuring of Place des Moulins and the creation of a new operation dedicated to maintaining the Fontvieille Shopping Center.

Finally, actions in the areas of social, cultural, sports, education, and quality of life continue to be supported in the 2026 Initial Budget by the State Budget.

Official source: https://www.conseil-national.mc/2025/10/01/n1116-projet-de-loi-portant-fixation-du-budget-general-primitif-de-lexercice-2026/

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