At the end of the 2.022 study by the Localnova institute, a specialist in local finances, Cannes received the “3A” excellence rating (20/20). An evaluation which rewards the management efforts of the Cité des Festivals. Management which combines reducing the municipality’s debt and maintaining a high level of investment. However, the Cannes administration refuses to use the tax lever but focuses more on reducing operating expenses. 44.2 million euros were thus saved between 2014 and 2022. The City generated, for the 2022 financial year, an available operating surplus of 68.94 million euros after covering investment needs of 44. 11 million euros, compared to 57.59 million euros in 2020, an improvement of 11.35 million euros.
Debt decline
Since 2014, the accounts of the city of Cannes show a reduction in municipal debt of 64.5 million euros.
For the 2022 financial year, the debt fell by 5 million euros, 64.8 million euros were devoted to investment and 49.2 million euros to self-financing. The debt reduction capacity stands at 2.9 years, a level well below the alert threshold of twelve years set by the State. Permanent renegotiations have made it possible to reduce the average rate of the outstanding debt from 2.22% in 2013 to 1.50% in 2022. Furthermore, the entire outstanding municipal debt is included in the Gissler charter of good conduct and Cannes town hall does not have any toxic loans. In 2018 and 2023, the regional audit chamber praised Cannes management. An opinion which is now confirmed by the Localnova audit. Since 2014, the self-financing capacity of the city of Cannes has increased ninefold.