Economic Table of Deficit/Surplus Finance
Revenue Budget of Istanbul Metropolitan Municipality is 7,200,000,000 TL and Expenditure Budget is determined as 8,000,000,000 TL in 2013. The from domestic banks and external debt of 1.016.399.349 from international financing organizations was estimated in 2013.
However, a total utilization of 382.191.639 TL including no internal debt from domestic banks and external debt of 382,191,639 TL from international financing organizations was realized.
Additionally, a total capital repayment of 761.399.349 TL including internal capital repayment of 199.872.251 TL to domestic banks and external capital repayment of 561.527.098 TL to various international banks was planned to be made. However, a total capital repayment of 721,979,479 TL including internal capital repayment of 146,688,422 TL to banks and external capital repayment of 575.291.057 TL was made.
Loan Stock and Payments for Loans
A total amount of internal and external loans for credits used from internal and external financing sources for projects conducted and in progress by Istanbul Metropolitan Municipality is 5.195.313.802 TL as of 31 December 2013.
377.823.719 TL of this amount consists of internal loans with a term of 2018 to Domestic Banks and Provincial Banks, while 4,817,490,083 TL consists of external loans with a term of 2028.
A total payment of 721.979.479 TL was made for internal and external loans in 2013. A total of 178.395.571 TL of this amount is internal loan including the capital of 146.688.422 TL and its interest of 31.707.149 TL; while a total of 672.402.508 TL of this amount is external loan including the capital of 575.91.057 TL and its interest of 97.111.451 TL.
Table 25
Resource. Department of Financial Services, 2013
Credit Obtaining Activities
In 2013, 47.000.000 USD and 113.361.303 EUR external loan was used from the signed credit contracts and these loans will be repaid until the end of 2028.
In 2013, a credit agreement of 57.664.600 USD was concluded
Table 26
CREDIT CONTRACT INFORMATION AND UTILIZATION TABLE ON THE BASIS OF PROJECTS
USD
Name of the Project Credit Amount Amount Used in 2013 Total Amount Used Remaining Usage Amount
Taksim-Yenikapı Metro Electromechanic and
92 Vehicles Purchase Project 57.664.600 47.000.000 47.000.000 10.664.600
TOTAL 57.664.600 47.000.000 47.000.000 10.664.600
EURO
Name of the Project Credit Amount Amount Used in 2013 Total Amount Used Remaining Usage Amount
Projects of 4 Levent-Ayazağa and
Üsküdar-Ümraniye 820.000.000 80.000.000 476.825.240 343.174.760
Golden Horn Subway Bridge Project * 149.566.479 28.685.798 149.566.479 0
Project for Purchasing 24 Subway Vehicles ** 23.743.035 4.675.505 23.743.035 0
Üsküdar-Ümraniye-Çekmeköy Subway Project 92.282.668 0 0 92.282.668
TOTAL 1.085.592.182 113.361.303 650.134.755 435.457.428
Resource. Department of Financial Services, 2013
*A reduction was experienced in total amount of credit due to a reduction of 936.334,56 EUR in Golden Horn Metro Bridge Project Hermes Insurance amount.
*A reduction was experienced in total amount of credit due to a cancellation of 220.014,49 EUR in Golden Horn Metro Bridge Project.
**A reduction was experienced in total amount of credit due to a cancellation of 874.055,47 EUR in 24 Metro Vehicle Purchase Pr oject.
Credit Rating Activities
As is known, Istanbul Metropolitan Municipality is in need of various financing instruments in order to satisfy requirements of its investment projects. One of these instruments is also to obtain credit from international markets. One of the effective parameters for obtaining credit from such markets is the creditability of the organization. In this regard, we have
Table 27
continued our activities in collaboration with Moody’s Investors Service, Fitch Ratings and Standard & Poor’s, which are worldwide-known credit rating institutes, in order to measure and evaluate the creditability of our Municipality since 1999.
Credit scores published by such credit rating institutes regarding such activities as a result of examination and rating activities performed in our Municipality are given below.
CREDIT SCORE FOR ISTANBUL METROPOLITAN MUNICIPALITY
2009 BB- Negative BB+ Stable Ba3 Positive
-2010 BB- Stable BB+ Positive Ba2 Positive
-2011 BB- Stable BB+ Stable Ba2 Positive
-2012 BB- Stable BBB- Stable Ba1 Positive
-2013 Agreement is Terminated BBB- Stable Baa3 Stable BBB- Stable
Resource. Department of Financial Services, 2013
Organizations Supported
Article 27 of Law No 5216 states that “The metropolitan municipality may develop joint projects and make joint investments with the district and first-tier municipalities. On a proposal from the metropolitan mayor and by a resolution of the metropolitan assembly, the metropolitan municipality may provide aids in cash and in kind to district and first-tier municipalities with a view to financing projects included in the investment program of the municipality concerned, provided that such aids not exceed 10%
of the metropolitan municipality's final budget revenue for the previous year and that a budget appropriation has been set aside for the purpose. The metropolitan municipality and its affiliated entities may, with the mayor's approval, meet one another’s cash needs. Loans of this kind shall be interest-free.”
Within this scope; 388.125.000 TL was granted to Directorate General of IETT.
Furthermore, a total amount of 149.980.840 TL was granted to the below-mentioned district municipalities.
ORGANISATIONS SUPPORTED BY IMM AND THE AMOUNTS OF GRANTS MADE IN 2013
BÜYÜKÇEKMECE DISTRICT MAYORALTY 4.039.004,13
BAYRAMPAŞA DISTRICT MAYORALTY 2.237.041,92
GAZİ OSMAN PAŞA DISTRICT MAYORALTY 3.499.833,09
GÜNGÖREN DISTRICT MAYORALTY 2.468.368,40
KADIKÖY DISTRICT MAYORALTY 4.067.191,08
KAĞITHANE DISTRICT MAYORALTY 3.452.384,24
KARTAL DISTRICT MAYORALTY 3.943.913,07
BEYLİKDÜZÜ DISTRICT MAYORALTY 2.543.931,38
K.ÇEKMECE DISTRICT MAYORALTY 5.669.872,23
MALTEPE DISTRICT MAYORALTY 3.845.030,16
PENDİK DISTRICT MAYORALTY 6.923.049,66
SANCAKTEPE DISTRICT MAYORALTY 3.764.802,71
SARIYER DISTRICT MAYORALTY 3.481.092,95
SİLİVRİ DISTRICT MAYORALTY 3.450.832,68
SULTANGAZİ DISTRICT MAYORALTY 4.381.814,66
SULTANBEYLİ DISTRICT MAYORALTY 3.766.893,07
ŞİLE DISTRICT MAYORALTY 3.517.490,60
ŞİŞLİ DISTRICT MAYORALTY 3.171.536,52
TUZLA DISTRICT MAYORALTY 4.022.919,30
ÜMRANİYE DISTRICT MAYORALTY 6.540.206,74
ÜSKÜDAR DISTRICT MAYORALTY 5.458.931,66
ISTANBUL METROPOLITAN MUNICIPALITY FINANCIAL STATEMENT FOR 2013
ISTANBUL METROPOLITAN MUNICIPALITY FINANCIAL STATEMENT FOR 2013 (31/12/2013)
ASSETS
3 SHORT TERM FOREIGN RESOURCES 2.189.588.049,11
30 SHORT TERM INTERNAL FINANCING LIABILITIES 421.307.741,88 31 SHORT TERM EXTERNAL FINANCING LIABILITIES 709.441.936,32
32 OPERATIONAL LIABILITIES 782.718.497,02
33 DEPOSITORY FOREIGN RESOURCES 125.561.665,70
36 PAYABLE TAXES AND OTHER LIABILITIES 54.098.599,82
37 DEBT AND EXPENDITURE ALLOWANCES 78.975.186,92
38 REVENUES AND OTHER EXPENDITURE ACCRUALS FOR NEXT MONTHS 17.484.421,45
4 LONG TERM FOREIGN RESOURCES 5.302.341.128,97 40 LONG TERM INTERNAL FINANCING LIABILITIES 1.026.015.977,51 41 LONG TERM EXTERNAL FINANCING LIABILITIES 4.108.048.146,88
43 OTHER LIABILITIES 19.108.870,06
47 DEBT AND EXPENDITURE ALLOWANCES 148.439.497,51
48 REVENUES AND OTHER EXPENDITURE ACCRUALS FOR NEXT YEARS 728.637,01
Table 29 Cont.
ISTANBUL METROPOLITAN MUNICIPALITY FINANCIAL STATEMENT FOR 2013 ISTANBUL METROPOLITAN MUNICIPALITY FINANCIAL STATEMENT FOR 2013 (31/12/2013)
LIABILITIES
5 EQUITIES 46.871.037.603,21
50 NET VALUE 33.297.735.434,37
52 REVALUATION SURPLUS 0,00
57 POSITIVE OPERATIONAL RESULTS FOR PREVIOUS YEARS 9.983.114.819,39
59 PERIOD OPERATIONAL RESULTS 3.590.187.349,45
TOTAL LIABILITIES 54.362.966.781,29
FOOTNOTE: MEMORANDUM ACCOUNTS
900 ACCOUNT OF BUDGET APPROPRIATIONS TO BE SENT 3.643.124,05 901 ACCOUNT OF BUDGET APPROPRIATIONS (8.600.000.000,00) 905 ACCOUNT OF EXPENDITURES WITH APPROPRIATIONS 8.596.356.875,95 910 ACCOUNT OF LETTERS OF GUARANTEE 1.863.857.502,03
912 SECURITIES ACCOUNTS OF PEOPLE 0,00
920 ACCOUNT OF EXPENDITURE COMMITMENTS 3.859.843.356,71
Resource. Department of Financial Services, 2013
Services for Increasing Collection of Municipal Revenues and for Ensuring Satisfaction of Tax-Payers
The activities continued in framework of total quality management understanding in order to perform the operations during the collection of the revenues of Istanbul Metropolitan Municipality effectively, efficiently and in accordance with international standards and to have a citizen-focused approach, the services proceeded since 2009 were continued in 2013 as well. With this purpose, in 2013;
• Our taxpayers were informed about declaration and payment
systems, online services, rights acquire as per law etc. through the agency of web site, e-declaration manual, billboard, e-payment guide, service guide, payment points information card, lcd screen, taxpayer representative, office posters, taxpayer rights leaflet, web site information card, recommendation-wish and complaint information card, customer visits, card for declaration invitation, sms informing, social media and radio live broadcasts within the scope of our Informing and Directing process and a total of 35.000 cards, leaflets and booklets were distributed.
• A survey of taxpayer satisfaction was applied to 4.639 taxpayers who are addressed by our municipality in terms of collection of revenue and by preparing an improvement plan improvements were made as a result of the survey.
• Visits were paid to tax-payers in order to measure the requests and the expectations of our continuous tax-payers.
• Requests and complaints of a great number of our taxpayers were answered with our Taxpayer Tracking and Complaint System which has been working integrated with White Desk Program since 2010. Our Taxpayer Representative started to render services in Kartal Branch in order to answer the taxpayers' requests quickly.
• 28.408 declarations were taken from our taxpayers and online declaration and payment operations were promoted in order to facilitate the operations of our citizens. In 2012 e-declaration rate was 66% and it increased to 72% in 2013 and our e-payment rate increased to 44%.
• With a total of 11 payment points, an opportunity to make easy payments was provided to our taxpayers.