Day: 13 March 2026

Nice has emerged as one of the few major French cities to stabilise and even improve its financial position over the past decade, according to a new analysis by the Institut Montaigne, which found that most of the country’s largest urban centres are facing deteriorating municipal finances.

A study by the Institut Montaigne examining the finances of France’s 12 largest cities has found that the majority have seen their fiscal health weaken over the past decade. Among the country’s principal urban centres, only Nice and Montpellier managed to stabilise or improve their financial situation, while cities including Paris, Marseille and Rennes experienced a downturn.

The report comes as France prepares for its next municipal elections and provides a comparative snapshot of how the country’s biggest cities have managed public finances during the past mandate.

Financial recovery after earlier lows

According to the analysis, Nice has recorded a notable improvement in its finances after reaching low points in 2014 and 2019. By 2024, the city achieved an overall financial health score of 5.7 out of 10, slightly above the average of 5.6 for the 12 cities studied.

Researchers attribute the improvement largely to tighter control of operating costs and a gradual stabilisation of municipal debt. The city’s debt repayment capacity fell from around 11 years in 2019 to 6.8 years in 2024, a level considered below the prudent threshold used in public finance analysis.

Spending control and targeted investment

The study highlights that Nice has managed to keep the growth of its operating expenditure lower than many comparable cities. Between 2019 and 2024, spending increased by roughly 4%, well below the 15% average recorded in other large municipalities during the same period.

At the same time, the city has increased investment spending, particularly in equipment and infrastructure, with investment reaching €204 million in 2024. Despite this increase, spending per resident still remains below the average for the cities analysed.

Higher taxes remain a key factor

However, the report also notes that part of Nice’s financial recovery has relied on rising tax revenues. Local taxation accounted for 61% of the city’s operating income in 2024, a higher share than the average among the major cities examined.

As a result, Nice is among the cities with the highest fiscal pressure in the study, reflecting both increased tax rates and a strong local tax base linked to the city’s economic attractiveness.

A more stable outlook than most large cities

While the researchers caution that the improvement must still be confirmed over the coming years, Nice’s financial trajectory contrasts sharply with that of many other major French cities, where debt levels and fiscal pressures have continued to rise.

According to the Institut Montaigne, the overall picture across France’s largest municipalities is one of growing budgetary strain, making Nice one of the few large cities currently showing signs of financial stabilisation.

The findings come just days before voters head to the polls in Nice’s upcoming municipal elections, scheduled for 15th March, with a second round set for 22nd March if no list secures an outright majority. Incumbent mayor Christian Estrosi is seeking another term after nearly two decades at the helm of the city, facing a high-profile challenge from Éric Ciotti, the Alpes-Maritimes deputy and former leader of the conservative party The Republicans. The vote is expected to be closely watched across the region as candidates debate the city’s economic direction and financial management.

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Main photo of Nice by Cassandra Tanti