The year saw rises in the amounts charged both in terms of the IMT property transaction tax and the IMI rates levied on properties in Lisbon with Medina putting the increase as of between €65 and €70 million with the former accounting for the bulk of this amount.


The council official said that the debt would have dropped further but for €101 million paid to Bragaparques for the acquisition of two Lisbon sites, a former fairground and a theatre complex.


Medina added that the debt level had fallen even while the council had only managed to raise €117 million in asset disposals, including €56 million from the EPUL subsidised housing program, against a forecast for the year of €225 million.


The figures also showed that the council was getting its financial house in order and closed the year owing €6 million against a figure that stood as high as €459 million in 2006 with Medina praising this year as a “historical minimum”.


While stating that 2014 had been “a very challenging year” the council had “managed to achieve its objectives” and was better positioned both to pay suppliers and finance future programs for the city.