The city has a range of different assets. Assets can be viewed using a balance sheet that describes the assets of a company or other organisation. According to the 2022 financial statements, the bottom line of the city’s balance sheet was approximately €520 million.
 

Buildings, structures, land and forests

Buildings account for the city's most significant assets. The city owns the majority of the buildings it needs for its service production. In addition, the city rents out some of its own premises. For example, the city owns properties used by the social and health services needed by the wellbeing services county.

Fixed structures and equipment are also a significant asset. These include streets, bridges, parks, sports grounds and the water supply network.

The city also owns land and forest assets, as well as the machinery and equipment it needs for its service production.
 

City subsidiaries, investments and loans  

The city is also involved in several companies. The corporate approach is used when it is appropriate and financially viable to carry out operations and services in a separate limited company.  

The city has 13 subsidiaries. In practice, the city owns at least half of the shares in these companies. The city’s group also includes four subsidiaries of subsidiaries and one limited partnership, the responsible shareholder of which is a subsidiary. The city also has 10 associated companies, in which the city’s shareholding in the company varies between 20 and 50%. In addition to these, the city is a member of two joint municipal authorities and a member of five foundations.

In addition to these assets, the city has significant investment assets of approximately €100 million. The investment assets are derived from the sale of the electricity companies’ property, and the value of the investments has increased over the years.

The city also has liabilities against its assets. The amount of loans taken by the city has increased in recent years and amounts to approximately€230 million. The city needs loans to finance its investments, such as the construction of schools and nurseries, when the annual income (tax income and government contributions, as well as fees collected for services) is not sufficient to cover the investment costs.
 

Ownership policy

Objectives for the city’s property and its management have been set in the city’s ownership policy programme. Ownership is not an end in itself for the city, and it should always be a well-considered activity based on selected criteria.

Ownership must support the achievement of the city’s goals and objectives. In addition, ownership should always be economically viable.

The third criterion for ownership is to provide high-quality services in a cost-effective manner. Ownership must be assessed based on the current and future operating environment.
 

Ownership and economic adaptation

As a part of the economic adaptation process, the city’s property is also reviewed.

Methods for influencing annual expenditure include, for example, disposing of vacant or little-used buildings, increasing sales targets for forest assets, targets set for subsidiaries, disposing of property and specifying targets set for investment assets.