The Municipality of Velas saw its Budget and Major Planning Options for 2026 approved by a majority at the most recent meeting of the Municipal Assembly, after having already been approved at a Municipal Council meeting.

The Municipality of Velas’ budget for the 2026 fiscal year totals €11,670,471 (eleven million six hundred and seventy thousand four hundred and seventy-one euros).

“This is the most important document for the municipality, as it sets out the guiding lines for the coming year in terms of municipal investment and reflects the commitments endorsed in the most recent local elections,” recalls Catarina Cabeceiras, President of the Municipality-Mayor.

In this budget, the Municipal Property Tax (IMI) remains at the minimum rate, with a reduced IMI rate for families with dependents, and the full refund of the Municipality’s own IRS revenues, thus allowing families to benefit from higher monthly income.

The continued exemption from the municipal surcharge tax (derrama) on companies is also maintained, enabling businesses to reinvest their profits locally, creating more wealth and jobs.

In terms of investment, particular note should be made of the support granted to the parish councils of the municipality through contracts delegating competencies, as well as through the provision of materials and equipment.

This budget also maintains investment forecasts already included in the 2025 budget, such as the acquisition of waste containers and a refuse collection vehicle, the conversion of the Entre-Morros municipal swimming pool into a Wellness Center, the adaptation of the former primary school in Manadas into a Municipal Civil Protection Center, and the installation of telemetry systems in the water supply network.

Also highlighted are the construction works for the second phase of the Portinhos da Ribeira do Nabo–Portinhos da Queimada cycle path, the redevelopment of the Serroa Beira–Rosais area, the redevelopment of the Piedade–Degraus–Roque Afonso area, and investment in municipal roads.

“This is a budget that seeks to reverse the demographic decline common to most municipalities in the Region, presenting a low tax burden and creating conditions for the establishment of new businesses in the municipality,” says Catarina Cabeceiras.

The Mayor further emphasizes that the municipality aims to improve access to permanent home ownership through the existence of an Urban Rehabilitation Area (ARU), which offers numerous advantages in reducing taxes through IMI, IMT, IRS, and VAT.

With regard to young people, the municipality contributes through the exemption of municipal construction fees for property rehabilitation, as well as through the rehabilitation of vacant properties for rental with an option to purchase.

In the social sphere, the continued allocation of funding for study and merit scholarships for young residents of the municipality stands out, along with the Municipal Birth Support Fund and the Municipal Social Solidarity Fund.

“This is a budget that continues to create better living conditions for the population, stimulates the local economy, and collaborates with institutions,” reiterates Catarina Cabeceiras.

Translated into English as a community outreach program by the Portuguese Beyond Borders Institute (PBBI) and the Modern and Classical Languages and Literatures Department (MCLL), in collaboration with Bruma Publication and ADMA (Azores-Diaspora Media Alliance) at California State University, Fresno. PBBI thanks Luso Financial for sponsoring NOVIDADES.