It doesn’t look good in the house Amat. Yesterday (Tuesday 26 March) President Giuseppe Mistretta met the company’s Board of Directors. The summit started around 4pm and ended late in the evening, with theyet another stalemate on the 2022 budget. The meeting was thus adjourned until Friday afternoon, the deadline by which the offices in via Roccazzo should give the green light to the act, even if with a heavy deficit.
The structural liability of Amat and the tram
A drain that could be made up of various items, even if certainties will only arrive when the 2022 budget is approved. Some of these are now consolidated. On others, however, the Municipality is trying to work to eliminate them from the heavy bill currently on Amat’s shoulders. With regard to the composition of the liabilities, the same can be seen structural loss of six million euros. Expenditure chapter on which the costs of the current tram system in Palermo weigh.
The tough tug of war with the Region
Then there are the twelve million euros relating to the so-called funds from the “empty for full” of the pandemic period. Money recognized by the State to public transport companies for damage caused by the limitations imposed during the covid emergency. Around 8 million euros had previously been disbursed from Palazzo dei Normanni (funds with which Amat recorded a substantial surplus on the 2021 budget). Today, however, the Region’s offices want them back, also placing a veto on the remaining amount to be disbursed of around 4 million euros. A position expressed by the regional managers in a letter sent to the Municipality. To unblock the situation, the regional technicians are waiting for a rule to be voted on at the Ars which clarifies, once and for all, the interpretation of the national law.
The blow of ZTL passes and consultancy
Finally, there are the 3 million euros for the failure to pay VAT on ZTL passes released from 2016 to today. Request notified a few days ago by the Revenue Agency and which Amat will have to deal with in some way. Expenses to which, according to what was stated by the M5S municipal councilor Concetta Amella, other items of liabilities would also be added. Among these, an account from 450,000 euros requested by an accountant from Palermo for various fees and an expense from 300,000 euros for the services offered by a call center in Amat during the covid period.
There is no risk of failure
In short, a drain that could erode (at least for the moment) Amat’s share capital. This being the case, however, any hypothesis of this would be averted failure. This was clarified by the Area Head of the Analogous Control offices of the Municipality of Palermo Roberto Pulizzi. During the session dedicated to Sispi’s new service contract, the Palazzo delle Aquile manager clarified that, whatever happens, the negative balance relating to the 2022 budget does not exceed 2/3 of the net assets. A fact which, combined with the fact of an expected asset of 1.3 million in the 2023 budget, does not put the company’s continuity at risk.
Possible scenarios for the 2022 budget
Whatever happens, the 2022 budget will end in the negative. In theory, the company could put in place an extension to postpone the approval of the accounting document. But if instead, as it seems, the 2022 budget will be closed on Friday afternoon, there could be two possible scenarios. In case of recognition of the resources requested by the Municipality of Palermo by the Sicilian Region, Amat could close the accounts for the 2022 year with a liabilities between 6 and 9 million. A steep but acceptable bill, compatible with what Palazzo delle Aquile set aside in the 24-26 budget forecast. A negative balance that it could even become 21 or 22 million if the sums of the so-called “empty for full” public transport fund did not arrive from Palazzo dei Normanni. A hypothesis that cannot be ruled out given that, by now, legislative intervention by the Ars on the issue will still be needed.
Wastewater on the Municipality’s rebalancing plan
In the latter case, Amat could survive by resorting to its social capital. But Amat’s economic difficulties may not end their negative effects here. In fact, it is clear that such a negative balance of the company could also have future repercussions on the rebalancing plan to which the Municipality of Palermo is currently subject. A fact for which the Palazzo delle Aquile offices would still have until June, the deadline by which the 2023 report should be launched. If by then the Administration led by Roberto Lagalla has not resolved the issue, it will be necessary to set aside another 15 million compared to the 6 currently present in the provision fund.
