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KfW Municipal Panel

The KfW Municipal Panel is based on an annual survey of treasuries of cities and municipalities with more than 2,000 inhabitants and of all rural districts. The survey is conducted by the German Institute for Urban Affairs (Difu) and supported by the leading municipal associations. The panel advisory board includes municipal representatives and researchers.

Edition 2023

Despite the ongoing multiple crises and the negative outlook for municipal finances that has been associated with them, the responses returned by the treasuries under the KfW Municipal Panel 2023 indicate stability. The current financial position and investments are both robust, the perceived investment backlog is growing only moderately and funding opportunities are still adequate despite the interest rate reversal. Numerous budgetary risks such as high price increases and rising interest rates, however, are severely clouding municipalities’ expectations for their future financial position and financing conditions. These uncertainties are putting them at risk of falling behind with the transformative tasks they are facing. It is becoming clear yet again that the fragile budgets of municipalities are making it hard to increase public investment systematically and vigorously.