The General Assembly of Consell approved this Thursday the 2022 General Account to be referred by the Generalitat to the Sindicatura de Comptes. The review ends with a negative patrimonial result, showing an income minus expenses gap of 3,200 million. This figure is more than twice the imbalance reported for the 2021 fiscal year, and it accompanies a broader context in which the central government recognizes a notable social investment milestone for the Valencian Community, reaching 16,829 million euros.
The financial management lead notes that some previously known accounts show a debt increase of 39 percent over the last eight years. This occurred amid a challenging period shaped by the pandemic, yet Spain has acknowledged that the regional financing gap has grown in the most recent year. Funds from the FLA and React-EU programs have not altered this trajectory, and experts warn that a reform of the regional financing model appears unavoidable. Despite this, the discussion centers on debt bargaining as a key issue for the economic future of communities like Valencia, where the total debt has surpassed 55,000 million euros.
The 2022 Management Account points out that net entitlements under financial liabilities amount to 9,419 million. A large portion, 7,959 million or 84.5 percent, comes from refinancing operations through the Autonomous Liquidity Fund. The remaining 1,460 million comes from long-term loans refinanced with Spanish banks.
In 2022, the social effort spoke loudly. The Generalitat committed its largest ever allocation to social protection, directing 16,829 million euros to health, education, addiction prevention, assistance to vulnerable families, employment, and housing. This emphasis reflects a policy stance that prioritizes essential services and social safety nets, demonstrating a sustained push to shield the population during difficult times.
Differences with PP
The minister used the presentation to highlight what he describes as a fundamental shift between Botànic’s eight-year governance and the preceding eight years under the PP. He notes a clear reversal in the Generalitat’s priorities, aiming to secure health, education, and social protection for Valencians in a way that aligns with broader social standards, rather than simply managing regional resources. The emphasis on social spending is highlighted as a defining feature, with non-financial liabilities showing that the weight of actual investment in social policies increased by several points over eight years.
Arcadi España has consistently explained that the most important difference of this Consell compared with the previous People’s Party era is a substantial improvement in the overall fiscal picture. He recalls that the negative patrimonial result has been reduced by a sizable margin, illustrating a fiscal improvement from a prior situation that was more severe. The treasury chief attributes this progress to disciplined budgeting and targeted reforms, noting that the current configuration has achieved a notable reduction in the negative budgetary outcome compared to historical levels, which signals a meaningful financial recovery for the region.
Officials argue that while the current administration has expanded debt, it has done so with a clear objective: to strengthen social policies. This approach contrasts with the earlier period, during which cuts were more prevalent. The argument presented is that the investments modernize and empower social programs, ensuring clinics, schools, housing initiatives, and support for vulnerable groups receive sustained funding. The broader narrative frames debt growth not as an end in itself but as a tool to secure long-term social welfare gains.