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¶DUW FRPPD GHOOD /HJJH GLFHPEUH Q /HJJH GL VWDELOLWj QHOO¶DPELWR GL XQ GLVHJQR FRPSOHVVLYR GL ULIRUPD GHOOD WDVVD]LRQH LPPRELOLDUH ORFDOH KD LVWLWXLWR O¶,PSRVWD 8QLFD &RPXQDOH ,8& FRPSRVWDGLWUHGLVWLQWLSUHOLHYL O¶,PSRVWD0XQLFLSDOH3URSULD,08UHODWLYDDOODFRPSRQHQWHSDWULPRQLDOH OD 7DVVD VXL 5LILXWL 7$5, GHVWLQDWD DOOD FRSHUWXUD GHL FRVWL GHO 6HUYL]LR GL JHVWLRQHGHLULILXWL LO 7ULEXWR VXL 6HUYL]L ,QGLYLVLELOL 7$6, GHVWLQDWD DOOD FRSHUWXUD GHL FRVWL GHL VHUYL]LLQGLYLVLELOLHURJDWLGDL&RPXQL 5LFKLDPDWLLFRPPLGDDGHOO¶DUWLFRORGHOOD/HJJHQFKH QHOO¶DPELWRGHOODGLVFLSOLQDGHOOD,8&FRQWHQJRQRGLVSRVL]LRQLLQPDWHULDGL7$6, 9LVWRLO'HFUHWR/HJJHPDU]RQFRQYHUWLWRFRQPRGLILFD]LRQLGDOOD /HJJH PDJJLR Q FRQ LO TXDOH LO *RYHUQR q LQWHUYHQXWR D PRGLILFDUH OD GLVFLSOLQDGHOOD7$6,FRQWHQXWDQHOOD/HJJHGLVWDELOLWj $WWHVR FKH OD GLVFLSOLQD 7$6, VRSUD LQGLYLGXDWD SHU TXDQWR ULJXDUGD OH DOLTXRWHSUHYHGH D DOO¶DUW FRPPD FKH O¶DOLTXRWD GL EDVH GHOOD 7$6, q SDUL DOO¶ SHU PLOOH ,O &RPXQHFRQGHOLEHUD]LRQHGHO&RQVLJOLR&RPXQDOHDGRWWDWDDLVHQVLGHOO¶DUW GHO'HFUHWR/HJLVODWLYRQSXzULGXUUHO¶DOLTXRWDILQRDOO¶D]]HUDPHQWR E ODSRVVLELOLWjGLLQFUHPHQWDUHO¶DOLTXRWDGLEDVHIHUPRUHVWDQGRFKH SHUO¶DQQRO¶DOLTXRWDQRQSXzVXSHUDUHLOSHUPLOOHFRPPD OD VRPPD GHOOH DOLTXRWH GHOOD 7$6, H GHOO¶,08 SHU FLDVFXQD WLSRORJLD GL LPPRELOH QRQ SXz HVVHUH VXSHULRUH DOO¶DOLTXRWD PDVVLPD FRQVHQWLWD GDOOD /HJJHVWDWDOHSHUO¶,08DOGLFHPEUHILVVDWDDOSHUPLOOHHDGDOWUH PLQRULDOLTXRWHLQUHOD]LRQHDOOHGLYHUVHWLSRORJLHGLLPPRELOH VRORSHULOLOLPLWLGLFXLDLSXQWLSUHFHGHQWLSRVVRQRHVVHUHVXSHUDWLSHU XQ DPPRQWDUH FRPSOHVVLYDPHQWH QRQ VXSHULRUH DOOR SHU PLOOH D FRQGL]LRQH FKH VLDQR ILQDQ]LDWH UHODWLYDPHQWH DOOH DELWD]LRQL SULQFLSDOL H DOOH XQLWj LPPRELOLDUL DG HVVH HTXLSDUDWH GL FXL DOO¶DUW FRPPD GHO '/ GLFHPEUH Q GHWUD]LRQL G¶LPSRVWD R DOWUH PLVXUH WDOL GD JHQHUDUH HIIHWWL VXO FDULFR G¶LPSRVWD 7$6, HTXLYDOHQWL D TXHOOL GHWHUPLQDWLVL FRQ ULIHULPHQWR DOO¶,08 UHODWLYDPHQWH DOOD VWHVVD WLSRORJLD GL LPPRELOL DQFKH WHQHQGRFRQWRGLTXDQWRSUHYLVWRGDOO¶DUWGHOFLWDWR'/Q SHULIDEEULFDWLUXUDOLDGXVRVWUXPHQWDOHGLFXLDOO¶DUWFRPPDGHO'/Q O¶DOLTXRWDQRQSXzLQRJQLFDVRVXSHUDUHO¶SHUPLOOHFRPPD F ODSRVVLELOLWjGLGLIIHUHQ]LDUHOHDOLTXRWHLQUDJLRQHGHOVHWWRUHGLDWWLYLWjQRQFKp GHOODWLSRORJLDHGHVWLQD]LRQHGHJOLLPPRELOLFRPPD G FKH LO &RQVLJOLR &RPXQDOH GHYH DSSURYDUH HQWUR LO WHUPLQH ILVVDWR GD QRUPH VWDWDOL SHU O¶DSSURYD]LRQH GHO %LODQFLR GL 3UHYLVLRQH OH DOLTXRWH GHOOD 7$6, LQ FRQIRUPLWjFRQLVHUYL]LHGLFRVWLLQGLYLGXDWLDLVHQVLGHOODOHWWHUDEGHOFRPPD FRPPD '(/,%(5$=,21('(/&216,*/,2&2081$/(15'(/ 9LVWR LO 5HJRODPHQWR FRPXQDOH SHU OD GLVFLSOLQD GHO WULEXWR VXL VHUYL]L LQGLYLVLELOL 7$6, DSSURYDWR LQ TXHVWD VWHVVD VHGXWD FRQ GHOLEHUD]LRQH GL &RQVLJOLR &RPXQDOHQ 5LFKLDPDWL LQ SDUWLFRODUH JOL DUWLFROL H GHO 5HJRODPHQWR L TXDOL VWDELOLVFRQR D XQULSDUWRGHOFDULFRWULEXWDULRFRPSOHVVLYRGHODFDULFRGHOO¶XWLOL]]DWRUHHGHO DFDULFRGHOSRVVHVVRUHDUW E LVHUYL]LLQGLYLVLELOLDOFXLILQDQ]LDPHQWRqGHVWLQDWRLOJHWWLWRGHOOD7$6,DUW F DLILQLGHOO¶DSSOLFD]LRQHGHOOHGHWUD]LRQLTXDQWRVHJXH³,O&RQVLJOLRFRPXQDOHFRQ OD GHOLEHUD GL DSSURYD]LRQH GHOOH DOLTXRWH 7$6, SXz VWDELOLUH GHWUD]LRQL R DOWUH PLVXUH DJHYRODWLYH D IDYRUH GHOOH XQLWj LPPRELOLDUL XWLOL]]DWH FRPH DELWD]LRQH SULQFLSDOHGHOSRVVHVVRUHHDOOHXQLWjLPPRELOLDULDGHVVHHTXLSDUDWH´DUW 9LVWL L FRVWL GHL VHUYL]L LQGLYLVLELOL DOOD FXL FRSHUWXUD q ILQDOL]]DWR LO JHWWLWR 7$6, ULVXOWDQWL GDOO¶DOOHJDWR DO SUHVHQWH SURYYHGLPHQWR LQ SDUWH LQWHJUDQWH H VRVWDQ]LDOH 'DWRDWWRFKH FRQ SURSULD GHOLEHUD]LRQH Q LQ GDWD RGLHUQD VRQR VWDWH ILVVDWH SHU O¶DQQR G¶LPSRVWDOHDOLTXRWHDLILQLGHOSDJDPHQWRGHOO¶,PSRVWD0XQLFLSDOH3URSULD DGHFRUUHUHGDODLVHQVLGHOO¶DUWFRPPDGHO'/Q FRQYHUWLWRFRQPRGLILFD]LRQLGDOOD/HJJHQFRPHPRGLILFDWR GDOO¶DUWFRPPDGHOOD/HJJHQO¶,PSRVWD0XQLFLSDOH3URSULDQRQ VLDSSOLFDDOSRVVHVVRGHOO¶DELWD]LRQHSULQFLSDOHHGHOOHSHUWLQHQ]HGHOODVWHVVDDG HFFH]LRQH GL TXHOOH FODVVLILFDWH QHOOH FDWHJRULH FDWDVWDOL $$$ DOOH XQLWj LPPRELOLDUL DSSDUWHQHQWLDOOHFRRSHUDWLYHHGLOL]LH DSURSULHWjLQGLYLVDDGLELWHDG DELWD]LRQH SULQFLSDOH H UHODWLYH SHUWLQHQ]H GHL VRFL DVVHJQDWDUL DL IDEEULFDWL GL FLYLOH DELWD]LRQH GHVWLQDWL DG DOORJJL VRFLDOL FRPH GHILQLWL GDO 'HFUHWR GHO 0LQLVWHUR GHOOH ,QIUDVWUXWWXUH GHO DOOD FDVD FRQLXJDOH DVVHJQDWD DO FRQLXJH D VHJXLWR GL SURYYHGLPHQWR GL VHSDUD]LRQH OHJDOH DQQXOODPHQWR VFLRJOLPHQWR R FHVVD]LRQH GHJOL HIIHWWL FLYLOL GHO PDWULPRQLR DOO¶LPPRELOH GL FXL DOODOHWWHUDGGHOFLWDWRFRPPDGHOO¶DUW'/Q D GHFRUUHUH GDO VRQR HVHQWL GDOO¶,PSRVWD 0XQLFLSDOH 3URSULD DL VHQVL GHOFRPPDELVGHOO¶DUWGHO'/QFRPHPRGLILFDWRGDOO¶DUW FRPPD OHWW D GHO '/ Q L IDEEULFDWL FRVWUXLWL H GHVWLQDWL GDOO¶LPSUHVD FRVWUXWWULFH DOOD YHQGLWD ILQWDQWR FKH SHUPDQJD WDOH GHVWLQD]LRQH H QRQVLDQRLQRJQLFDVRORFDWL DL VHQVL GHOO¶DUWLFROR GHO 5HJRODPHQWR ,08 VRQR VWDWL DVVLPLODWL DG DELWD]LRQH SULQFLSDOH O¶XQLWj LPPRELOLDUH SRVVHGXWD D WLWROR GL SURSULHWj R GL XVXIUXWWR GD DQ]LDQL R GLVDELOL FKH DFTXLVWDQR OD UHVLGHQ]D LQ LVWLWXWL GL ULFRYHUR R VDQLWDUL D VHJXLWR GL ULFRYHUR SHUPDQHQWH D FRQGL]LRQH FKH OD VWHVVD QRQ ULVXOWL ORFDWD H O¶XQLWjLPPRELOLDUHSRVVHGXWDGDLFLWWDGLQLLWDOLDQLUHVLGHQWLDOO¶HVWHURDFRQGL]LRQH FKHO¶DELWD]LRQHQRQULVXOWLORFDWD WXWWHOHIDWWLVSHFLHDSSHQDULFKLDPDWHQRQVRQRLQYHFHHVHQWLGDOOD7$6, 5LWHQXWRQHFHVVDULRSHUO¶DQQR GL DYYDOHUVL GHOOD GHURJD DOOD FODXVROD GL VDOYDJXDUGLD FRQWHQXWD QHOO¶DUWLFROR FRPPDOHWWHUDDGHO'HFUHWR/HJJHQFRQYHUWLWRLQ/HJJHQ GL PRGLILFD DO FRPPD GHOOD /HJJH Q H GL DXPHQWDUH O¶DOLTXRWD 7$6,PDVVLPDGHOORSHUPLOOH '(/,%(5$=,21('(/&216,*/,2&2081$/(15'(/ GL VWDELOLUH XQ VLVWHPD GL GHWUD]LRQL SHU OH DELWD]LRQL SULQFLSDOL H TXHOOH DG HVVH HTXLSDUDWHGLFXLDOO¶DUWFRPPDGHO'/GLFHPEUHQFRQYHUWLWR FRQPRGLILFD]LRQLGDOOD/HJJHGLFHPEUHQHVXFFHVVLYHPRGLILFD]LRQL ILQDOL]]DWRDJDUDQWLUHSHUTXDQWRSRVVLELOHO¶LQYDULDQ]DGLFDULFRILVFDOHWUD,08H 7$6, 5LFKLDPDWDLQROWUHODGHOLEHUD]LRQHGHOOD*LXQWD&RPXQDOHQGHOOXJOLR DYHQWH SHU RJJHWWR ³5HOD]LRQH 3UHYLVLRQDOH H 3URJUDPPDWLFD %LODQFLR 3OXULHQQDOH H %LODQFLR $QQXDOH GL 3UHYLVLRQH GHOO¶HVHUFL]LR ILQDQ]LDULR±$SSURYD]LRQHGHLUHODWLYLVFKHPLHGDOOHJDWL´ 5LWHQXWR SHU TXDQWR VRSUD DOOR VFRSR GL ILQDQ]LDUH VHSSXUH QRQ LQ PLVXUD LQWHJUDOHLFRVWLGHLVHUYL]LLQGLYLVLELOLLQSUHFHGHQ]DULFKLDPDWLDOILQHGLJDUDQWLUHOD ORUR FRUUHWWD JHVWLRQH HG LO PDQWHQLPHQWR GHOO¶HURJD]LRQH GHJOL VWHVVL QRQFKp OD FRQVHUYD]LRQH GHJOL HTXLOLEUL GL %LODQFLR GL VWDELOLUH QHO ULVSHWWR GHL OLPLWL ILVVDWL GDOO¶DUWLFROR FRPPL H GHOOD /HJJH Q OH DOLTXRWH UHODWLYH DO WULEXWRSHULVHUYL]LLQGLYLVLELOLSHUO¶DQQRQHOODPLVXUDVHJXHQWH DOLTXRWD7$6,SDULDSHUPLOOHSHUDELWD]LRQHSULQFLSDOHHUHODWLYHSHUWLQHQ]H H SHU TXHOOH DG HVVH HTXLSDUDWH GL FXL DOO¶DUW FRPPD GHO '/ GLFHPEUH QFRQYHUWLWRFRQPRGLILFD]LRQLGDOOD/HJJHGLFHPEUHQH VXFFHVVLYH PRGLILFD]LRQL DG HVFOXVLRQH GL TXHOOH GL OXVVR GL FXL DOOH FDWHJRULH FDWDVWDOL$$H$ DOLTXRWD7$6,SDULDSHUPLOOHSHULIDEEULFDWLFRVWUXLWLHGHVWLQDWLGDOO¶LPSUHVD FRVWUXWWULFH DOOD YHQGLWD ILQWDQWR FKH SHUPDQJD WDOH GHVWLQD]LRQH H QRQ VLDQR LQ RJQLFDVRORFDWL DOLTXRWD7$6,SDUL]HURSHUPLOOHSHUWXWWHOHDOWUHIDWWLVSHFLHLPSRQLELOL7$6, 5LWHQXWRLQROWUHGLSUHYHGHUHSHUO¶DQQR SHUOHDELWD]LRQLSULQFLSDOLHTXHOOHDGHVVHHTXLSDUDWHGLFXLDOO¶DUWFRPPD GHO '/ GLFHPEUH Q FRQYHUWLWR FRQ PRGLILFD]LRQL GDOOD /HJJH GLFHPEUH Q H VXFFHVVLYH PRGLILFD]LRQL OH VRWWR HOHQFDWH GHWUD]LRQL UDSSRUWDWHDOODIDVFLDGLUHQGLWDFDWDVWDOHFRUULVSRQGHQWHFKHULVXOWDGDOODVRPPD GHOOHUHQGLWHFDWDVWDOLGHOO¶DELWD]LRQHSULQFLSDOHHGHOOHSHUWLQHQ]HGDVXGGLYLGHUH LQSDUWLXJXDOLWUDLVRJJHWWLSDVVLYLFKHQHKDQQRGLULWWR )DVFLDGLUHQGLWDFDWDVWDOHHXUR 'HWUD]LRQH DELWD]LRQHSULQFLSDOHSHUWLQHQ]H 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 2OWUH¼ ¼ '(/,%(5$=,21('(/&216,*/,2&2081$/(15'(/ DO ILQH GHOO¶LQGLYLGXD]LRQH GHOOD GHWUD]LRQH SHU O¶DELWD]LRQH SULQFLSDOH SUHYLVWD DO SXQWRSUHFHGHQWHODUHQGLWDFDWDVWDOHGLULIHULPHQWRqTXHOODGHOO¶LQWHUDDELWD]LRQH H GHOOH HYHQWXDOL SHUWLQHQ]H VHQ]D ULIHULPHQWR DOOD TXRWD GL SRVVHVVR GHO VLQJROR FRQWULEXHQWH 1HO FDVR GL XQLWj LPPRELOLDUL XQLWH GL IDWWR DL ILQL ILVFDOL SHU FXL O¶DELWD]LRQH q FRPSRVWD GD SL SRU]LRQL FRQ DXWRQRPD UHQGLWD RFFRUUH IDUH ULIHULPHQWR DOOD VRPPD GHOOH UHQGLWH FDWDVWDOL FRVWLWXHQWL O¶XQLFD DELWD]LRQH SULQFLSDOHHOHHYHQWXDOLSHUWLQHQ]H XQDXOWHULRUHGHWUD]LRQHGL¼SHURJQLILJOLRGLHWjQRQVXSHULRUHDDQQL ILVFDOPHQWH D FDULFR GLPRUDQWH DELWXDOPHQWH H UHVLGHQWH DQDJUDILFDPHQWH QHOO¶XQLWjLPPRELOLDUHDGLELWDDGDELWD]LRQHSULQFLSDOHRDVVLPLODWD LQ FDVR GL QXFOHR IDPLOLDUH DYHQWH XQ ILJOLR GLVDELOH JUDYH D FDULFR ILVFDOH GLPRUDQWH DELWXDOPHQWH H UHVLGHQWH DQDJUDILFDPHQWH QHOO¶XQLWj LPPRELOLDUH DGLELWD DG DELWD]LRQH SULQFLSDOH R HTXLSDUDWD QRQ LQVHULWR LQ VWUXWWXUD UHVLGHQ]LDOHHFRQLUHTXLVLWLSUHYLVWLGDOO¶DUWFRPPDGHOOD/HJJHQ VSHWWDXQ¶XQLFDGHWUD]LRQHGL¼ 7HQXWRFRQWRFKH OH DOLTXRWH H OH GHWUD]LRQL DQ]LGHWWH ULVSHWWDQR WXWWL L OLPLWL SUHYLVWL GDOOH QRUPH VRSUD ULFKLDPDWH HG LQ SDUWLFRODUH GDL FRPPL H GHOO¶DUW GHOOD /HJJH Q O¶LQFUHPHQWRGHOOHDOLTXRWHROWUHLOLPLWLGLOHJJHQRQVXSHUDODPLVXUDFRPSOHVVLYD GHOORSHUPLOOH LO JHWWLWR VWLPDWR GDO SUHGHWWR LQFUHPHQWR DPPRQWD DG ¼ HG q LQWHUDPHQWHGHVWLQDWRDOILQDQ]LDPHQWRGHOOHGHWUD]LRQLVRSUDLQGLYLGXDWHOHTXDOL FRPSRUWDQR XQ FRVWR FRPSOHVVLYR VWLPDWR GL ¼ H FRQVHQWRQR GL RWWHQHUH HIIHWWL HTXLYDOHQWL R LQIHULRUL D TXHOOL GHWHUPLQDWLVL FRQ ULIHULPHQWR DOO¶,08UHODWLYDPHQWHDOODVWHVVDWLSRORJLDGLLPPRELOL &RQVLGHUDWRLQROWUHFKHLOJHWWLWRFRPSOHVVLYRGHOWULEXWRVWLPDWRSHUO¶DQQR DPPRQWD DG ¼ FRQ XQD FRSHUWXUD SUHYLVWD GHL FRVWL GHL VHUYL]L LQGLYLVLELOLILQDQ]LDWLGHOFRVuGHWHUPLQDWD *HWWLWRFRPSOHVVLYRVWLPDWR7$6, ¼ &RVWR FRPSOHVVLYR VWLPDWR GHL VHUYL]L LQGLYLVLELOL ILQDQ]LDWL FRQ LO ¼ WULEXWR 'LIIHUHQ]D ¼ 3HUFHQWXDOHGLILQDQ]LDPHQWRGHLFRVWL 9LVWL O¶DUWLFRORFRPPDOHWWHUDHGHO'HFUHWR/HJLVODWLYRDJRVWRQLO TXDOH SUHYHGH FKH JOL (QWL /RFDOL DOOHJKLQR DO %LODQFLR GL 3UHYLVLRQH OH GHOLEHUD]LRQL FRQ OH TXDOL VRQR GHWHUPLQDWH SHU O¶HVHUFL]LR GL ULIHULPHQWR ³OH WDULIIHOHDOLTXRWHG¶LPSRVWDHOHHYHQWXDOLPDJJLRULGHWUD]LRQLOHYDULD]LRQLGHL OLPLWL GL UHGGLWR SHU LWULEXWLORFDOL H SHUL VHUYL]L ORFDOL QRQFKp SHU L VHUYL]L D GRPDQGDLQGLYLGXDOHLWDVVLGLFRSHUWXUDLQSHUFHQWXDOHGHOFRVWRGLJHVWLRQHGHL VHUYL]LVWHVVL´ '(/,%(5$=,21('(/&216,*/,2&2081$/(15'(/ O¶DUWFRPPDGHOOD/HJJHQFRPHPRGLILFDWRGDOO¶DUW FRPPD GHOOD /HJJH Q LO TXDOH SUHYHGH FKH ³LO WHUPLQH SHU GHOLEHUDUH OH DOLTXRWH H OH WDULIIH GHL WULEXWL ORFDOL FRPSUHVD O¶DOLTXRWD GHOO¶DGGL]LRQDOH FRPXQDOH DOO¶,53() GL FXL DOO¶DUWLFROR FRPPD GHO GHFUHWR OHJLVODWLYR VHWWHPEUH Q UHFDQWH LVWLWX]LRQH GL XQD DGGL]LRQDOH FRPXQDOH DOO¶,53() H VXFFHVVLYH PRGLILFD]LRQL H OH WDULIIH GHL VHUYL]L SXEEOLFL ORFDOLQRQFKpSHUDSSURYDUHLUHJRODPHQWLUHODWLYLDOOHHQWUDWHGHJOLHQWLORFDOLq VWDELOLWRHQWURODGDWDILVVDWDGDQRUPHVWDWDOLSHUODGHOLEHUD]LRQHGHOELODQFLRGL SUHYLVLRQH , UHJRODPHQWL VXOOH HQWUDWH DQFKH VH DSSURYDWL VXFFHVVLYDPHQWH DOO¶LQL]LR GHOO¶HVHUFL]LR SXUFKp HQWUR LO WHUPLQH GL FXL VRSUD KDQQR HIIHWWR GDO JHQQDLRGHOO¶DQQRGLULIHULPHQWR´ O¶DUWLFRORFRPPDGHOOD/HJJHGLFHPEUHQ/HJJHILQDQ]LDULD LO TXDOH GLVSRQH FKH ³*OL HQWL ORFDOL GHOLEHUDQR OH WDULIIH H OH DOLTXRWH UHODWLYHDLWULEXWLGLORURFRPSHWHQ]DHQWURODGDWDILVVDWDGDQRUPHVWDWDOLSHUOD GHOLEHUD]LRQHGHOELODQFLRGLSUHYLVLRQH'HWWHGHOLEHUD]LRQLDQFKHVHDSSURYDWH VXFFHVVLYDPHQWHDOO¶LQL]LRGHOO¶HVHUFL]LRSXUFKpHQWURLOWHUPLQHLQQDQ]LLQGLFDWR KDQQR HIIHWWR GDO JHQQDLR GHOO¶DQQR GL ULIHULPHQWR ,Q FDVR GL PDQFDWD DSSURYD]LRQH HQWUR LO VXGGHWWR WHUPLQH OH WDULIIH H OH DOLTXRWH VL LQWHQGRQR SURURJDWHGLDQQRLQDQQR´ LO 'HFUHWR GHO 0LQLVWHUR GHOO¶,QWHUQR GLFHPEUH *8 Q LQ GDWD GLFHPEUH LO TXDOH KD GLIIHULWR DO IHEEUDLR LO WHUPLQH SHU O¶DSSURYD]LRQHGHO%LODQFLRGL3UHYLVLRQHGHOO¶HVHUFL]LR LO 'HFUHWR GHO 0LQLVWHUR GHOO¶,QWHUQR IHEEUDLR *8 Q LQ GDWD IHEEUDLR FRQ LO TXDOH q VWDWR SURURJDWR DO DSULOH LO WHUPLQH GL FXL VRSUD LO 'HFUHWR GHO 0LQLVWHUR GHOO¶,QWHUQR GHO DSULOH *8 Q LQ GDWD DSULOHFRQLOTXDOHqVWDWRSURURJDWRDOOXJOLRLOWHUPLQHGLFXLVRSUD LO 'HFUHWR GHO 0LQLVWHUR GHOO¶LQWHUQR GHO OXJOLR *8 Q LQ GDWD OXJOLRFRQLOTXDOHqVWDWRSURURJDWRDOVHWWHPEUHLOWHUPLQHGLFXL VRSUD O¶DUW GHO '/JV Q UHODWLYR DOOD SRWHVWj JHQHUDOH GHJOL (QWL /RFDOLLQPDWHULDGLHQWUDWH 5LFKLDPDWR LQILQH O¶DUW FRPPD GHO '/ Q FRQYHUWLWR LQ /HJJHQLOTXDOHWHVWXDOPHQWHUHFLWD³$GHFRUUHUHGDOO DQQRG LPSRVWD WXWWHOHGHOLEHUD]LRQLUHJRODPHQWDULHWDULIIDULHUHODWLYHDOOHHQWUDWHWULEXWDULH GHJOL HQWL ORFDOL GHYRQR HVVHUH LQYLDWH DO 0LQLVWHUR GHOO HFRQRPLD H GHOOH ILQDQ]H 'LSDUWLPHQWR GHOOH ILQDQ]H HQWUR LO WHUPLQH GL FXL DOO DUWLFROR FRPPD GHO GHFUHWR OHJLVODWLYR Q GHO H FRPXQTXH HQWUR WUHQWD JLRUQL GDOOD GDWD GL VFDGHQ]D GHO WHUPLQH SUHYLVWR SHU O DSSURYD]LRQH GHO ELODQFLR GL SUHYLVLRQH ,O PDQFDWRLQYLRGHOOHSUHGHWWHGHOLEHUD]LRQLQHLWHUPLQLSUHYLVWLGDOSULPRSHULRGRq VDQ]LRQDWR SUHYLD GLIILGD GD SDUWH GHO 0LQLVWHUR GHOO LQWHUQR FRQ LO EORFFR VLQR DOO DGHPSLPHQWR GHOO REEOLJR GHOO LQYLR GHOOH ULVRUVH D TXDOVLDVL WLWROR GRYXWH DJOL HQWL LQDGHPSLHQWL &RQ GHFUHWR GHO 0LQLVWHUR GHOO HFRQRPLD H GHOOH ILQDQ]H GL FRQFHUWRFRQLO0LQLVWHURGHOO LQWHUQRGLQDWXUDQRQUHJRODPHQWDUHVRQRVWDELOLWHOH PRGDOLWjGLDWWXD]LRQHDQFKHJUDGXDOHGHOOHGLVSRVL]LRQLGLFXLDLSULPLGXHSHULRGL GHOSUHVHQWHFRPPD,O0LQLVWHURGHOO HFRQRPLDHGHOOHILQDQ]HSXEEOLFDVXOSURSULR VLWRLQIRUPDWLFROHGHOLEHUD]LRQLLQYLDWHGDLFRPXQL7DOHSXEEOLFD]LRQHVRVWLWXLVFH O DYYLVRLQ *D]]HWWD 8IILFLDOH SUHYLVWRGDOO DUWLFROR FRPPD WHU]R SHULRGR GHO GHFUHWROHJLVODWLYRQGHO´ '(/,%(5$=,21('(/&216,*/,2&2081$/(15'(/ 9LVWH ODQRWDGHO0LQLVWHURGHOO¶(FRQRPLDHGHOOH)LQDQ]H3URWQLQGDWDDSULOH FRQ OD TXDOH q VWDWD UHVD QRWD O¶DWWLYD]LRQH D GHFRUUHUH GDO DSULOH GHOODQXRYDSURFHGXUDGLWUDVPLVVLRQHWHOHPDWLFDGHLUHJRODPHQWLHGHOOHGHOLEHUH GL DSSURYD]LRQH GHOOH DOLTXRWH DWWUDYHUVR LO SRUWDOH ZZZSRUWDOHIHGHUDOLVPRILVFDOHJRYLW OD QRWD GHO 0LQLVWHUR GHOO¶(FRQRPLD H GHOOH )LQDQ]H 3URW Q LQ GDWD IHEEUDLR FRQ OD TXDOH VRQR VWDWH IRUQLWH LQGLFD]LRQL RSHUDWLYH FLUFD OD SURFHGXUD GL WUDVPLVVLRQH WHOHPDWLFD PHGLDQWH LO 3RUWDOH GHO IHGHUDOLVPR ILVFDOH GHOOHGHOLEHUHUHJRODPHQWDULHWDULIIDULHUHODWLYHDOOD,8& &RQVLGHUDWR FKH OD SURSRVWD GHOOD SUHVHQWH GHOLEHUD]LRQH q VWDWD HVDPLQDWD GDOODFRPSHWHQWH&RPPLVVLRQH&RQVLOLDUHQHOODVHGXWDGHOOXJOLR 9LVWR LO SDUHUH IDYRUHYROH HVSUHVVR GDO 5HYLVRUH GHL &RQWL LQ GDWD OXJOLR HSHUYHQXWRDOSURWRFROORQGHOOXJOLR 9LVWLLQILQH LO'/JVQ OR6WDWXWRFRPXQDOH LO5HJRODPHQWRJHQHUDOHGHOOHHQWUDWH 'DWRDWWRFKHLQDSSOLFD]LRQHGHOO¶DUWGHO'HFUHWR/HJLVODWLYR QHVXFFHVVLYHPRGLILFD]LRQLHLQWHJUD]LRQLqVWDWRDFTXLVLWRLOSDUHUHIDYRUHYROH HVSUHVVR GDO 'LUHWWRUH GHOO¶$UHD (FRQRPLFR)LQDQ]LDULD H &RQWUROOR LQ RUGLQH DOOD UHJRODULWjWHFQLFDHFRQWDELOH &RQ YRWL IDYRUHYROL Q H FRQWUDUL Q &RQVLJOLHUL *DOOHUDQL =DYDWWDUR )DFFKLQL %RUJKL H )UDQFHVFKL UHVL SHU DO]DWD GL PDQR SUHVHQWL H YRWDQWL Q FRPSRQHQWL '(/,%(5$ 'LDSSURYDUHSHUOHPRWLYD]LRQLHVSRVWHLQSUHPHVVDHGDOOHTXDOLLQWHJUDOPHQWHVL ULQYLDOHVHJXHQWLDOLTXRWH7$6,SHUO¶DQQR D DOLTXRWD7$6,SHUPLOOHSHUOHVHJXHQWLXQLWjLPPRELOLDULHSHUWLQHQ]H DPPHVVHDGHFFH]LRQHGLTXHOOHFODVVLILFDWHQHOOHFDWHJRULH$$H$ ¾ XQLWj LPPRELOLDUH H UHODWLYH SHUWLQHQ]H DGLELWD DG DELWD]LRQH SULQFLSDOH GHLVRJJHWWLSDVVLYLSHUVRQHILVLFKHHUHODWLYHSHUWLQHQ]H ¾ XQLWjLPPRELOLDUHHUHODWLYHSHUWLQHQ]HSRVVHGXWDDWLWRORGLSURSULHWjRGL XVXIUXWWR GD DQ]LDQR R GLVDELOH FKH VSRVWD OD UHVLGHQ]D LQ LVWLWXWR GL ULFRYHUR R VDQLWDUL D VHJXLWR GL ULFRYHUR SHUPDQHQWH D FRQGL]LRQH FKH OD VWHVVDQRQULVXOWLORFDWD ¾ O¶XQLWj LPPRELOLDUH H UHODWLYH SHUWLQHQ]H SRVVHGXWD GDL FLWWDGLQL LWDOLDQL QRQ UHVLGHQWL QHO WHUULWRULR GHOOR 6WDWR D WLWROR GL SURSULHWj R XVXIUXWWR LQ ,WDOLDDFRQGL]LRQHFKHO¶DELWD]LRQHQRQULVXOWLORFDWD ¾ XQLWj LPPRELOLDUL DSSDUWHQHQWL DOOH FRRSHUDWLYH HGLOL]LH D SURSULHWj LQGLYLVD DGLELWH DG DELWD]LRQH SULQFLSDOH H UHODWLYH SHUWLQHQ]H GHL VRFL DVVHJQDWDUL ¾ IDEEULFDWL GL FLYLOH DELWD]LRQH GHVWLQDWL DG DOORJJL VRFLDOL FRPH GHILQLWL GDO 'HFUHWR GHO 0LQLVWUR GHOOH ,QIUDVWUXWWXUH DSULOH SXEEOLFDWR VXOOD *D]]HWWD8IILFLDOHQGHOJLXJQR ¾ FDVD FRQLXJDOH H UHODWLYH SHUWLQHQ]H DVVHJQDWD DO FRQLXJH D VHJXLWR GL SURYYHGLPHQWR GL VHSDUD]LRQH OHJDOH DQQXOODPHQWR VFLRJOLPHQWR R FHVVD]LRQHGHJOLHIIHWWLFLYLOLGHOPDWULPRQLR '(/,%(5$=,21('(/&216,*/,2&2081$/(15'(/ ¾ XQ XQLFR LPPRELOH LVFULWWR R LVFULYLELOH QHO FDWDVWR HGLOL]LR XUEDQR FRPH XQLFD XQLWj LPPRELOLDUH SRVVHGXWR H QRQ FRQFHVVR LO ORFD]LRQH GDO SHUVRQDOH LQ VHUYL]LR SHUPDQHQWH DOOH )RU]H DUPDWH H DOOH )RU]H GL SROL]LD DG RUGLQDPHQWR PLOLWDUH H GD TXHOOR GLSHQGHQWH GHOOH )RU]H GL SROL]LD DG RUGLQDPHQWRFLYLOHQRQFKpGDOSHUVRQDOHGHO&RUSRQD]LRQDOHGHLYLJLOLGHO IXRFRHIDWWRVDOYRTXDQWRSUHYLVWRGDOO¶DUWLFRORFRPPDGHO'/JV PDJJLR Q GDO SHUVRQDOH DSSDUWHQHQWH DOOD FDUULHUD SUHIHWWL]LD SHU LO TXDOH QRQ VRQR ULFKLHVWH OH FRQGL]LRQL GHOOD GLPRUD DELWXDOH H GHOOD UHVLGHQ]DDQDJUDILFD E DOLTXRWD 7$6, SDUL D SHU PLOOH SHU L IDEEULFDWL FRVWUXLWL H GHVWLQDWL GDOO¶LPSUHVDFRVWUXWWULFHDOODYHQGLWDILQWDQWRFKHSHUPDQJDWDOHGHVWLQD]LRQHH QRQVLDQRLQRJQLFDVRORFDWL F DOLTXRWD 7$6, SDUL D ]HUR SHU PLOOH SHU WXWWH OH DOWUH IDWWLVSHFLH LPSRQLELOL7$6, 'LULFRQRVFHUHDOOHXQLWjDELWDWLYHGLFXLDOSXQWROHWWHUDDOHGHWUD]LRQLHOHQFDWH QHOOD WDEHOOD VHJXHQWH UDSSRUWDWH DOOD IDVFLD GL UHQGLWD FDWDVWDOH FRUULVSRQGHQWH FKH ULVXOWD GDOOD VRPPD GHOOH UHQGLWH FDWDVWDOL GHOO¶DELWD]LRQH SULQFLSDOH H GHOOH SHUWLQHQ]H GD VXGGLYLGHUH LQ SDUWL XJXDOL WUD L VRJJHWWL SDVVLYL FKH QH KDQQR GLULWWR )DVFLDGLUHQGLWDFDWDVWDOHHXUR 'HWUD]LRQH DELWD]LRQHSULQFLSDOHSHUWLQHQ]H 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 'D¼D¼ ¼ 2OWUH¼ ¼ 'L VWDELOLUH FKH DO ILQH GHOO¶LQGLYLGXD]LRQH GHOOD GHWUD]LRQH SHU O¶DELWD]LRQH SULQFLSDOH SUHYLVWD DO SUHFHGHQWH SXQWR OD UHQGLWD FDWDVWDOH GL ULIHULPHQWR q TXHOOD GHOO¶LQWHUD DELWD]LRQH H GHOOH HYHQWXDOL SHUWLQHQ]H VHQ]D ULIHULPHQWR DOOD TXRWDGLSRVVHVVRGHOVLQJRORFRQWULEXHQWH1HOFDVRGLXQLWjLPPRELOLDULXQLWHGL IDWWRDLILQLILVFDOLSHUFXLO¶DELWD]LRQHqFRPSRVWDGDSLSRU]LRQLFRQDXWRQRPD UHQGLWD RFFRUUH IDUH ULIHULPHQWR DOOD VRPPD GHOOH UHQGLWH FDWDVWDOL FRVWLWXHQWL O¶XQLFDDELWD]LRQHSULQFLSDOHHOHHYHQWXDOLSHUWLQHQ]H 'LULFRQRVFHUHSHUOHDELWD]LRQLGLFXLDOSXQWROHWWHUDDXQ¶XOWHULRUHGHWUD]LRQH GL ¼ SHU RJQL ILJOLR GL HWj QRQ VXSHULRUH D DQQL ILVFDOPHQWH D FDULFR GLPRUDQWH DELWXDOPHQWH H UHVLGHQWH DQDJUDILFDPHQWH QHOO¶XQLWj LPPRELOLDUH DGLELWDDGDELWD]LRQHSULQFLSDOHRDVVLPLODWD '(/,%(5$=,21('(/&216,*/,2&2081$/(15'(/ 'LULFRQRVFHUHROWUHDOODGHWUD]LRQHVSHWWDQWHDLVHQVLGHOGLVSRVWRGLFXLDOSXQWR LQ FDVR GL QXFOHR IDPLOLDUH DYHQWH XQ ILJOLR GLVDELOH JUDYH D FDULFR ILVFDOH GLPRUDQWH DELWXDOPHQWH H UHVLGHQWH DQDJUDILFDPHQWH QHOO¶XQLWj LPPRELOLDUH DGLELWD DG DELWD]LRQH SULQFLSDOH R HTXLSDUDWD QRQ LQVHULWR LQ VWUXWWXUD UHVLGHQ]LDOHHFRQLUHTXLVLWLSUHYLVWLGDOO¶DUWFRPPDGHOOD/HJJHQ XQ¶XQLFDGHWUD]LRQHGL¼ 'L GDUH DWWR FKH OH GHWUD]LRQL GL FXL DO SXQWR H VRQR GD GHWUDUUH GDO WULEXWRGRYXWRVXOOHXQLWjDELWDWLYHGLFXLDOSXQWROHWWHUDDILQRDFRQFRUUHQ]D GHOVXRDPPRQWDUHHGHYRQRHVVHUHUDSSRUWDWHDOSHULRGRGLSRVVHVVRHDOQXPHUR GLVRJJHWWLWLWRODULGLGLULWWLUHDOLVXOEHQHQHOORVWHVVRUHVLGHQWLHGLPRUDQWL 'LGDUHDWWRFKH OHDOLTXRWHGLFXLDOSXQWRULVSHWWDQRLOLPLWLILVVDWLGDOO¶DUWFRPPLH GHOOD/HJJHQ O¶LQFUHPHQWR GHOOH DOLTXRWH ROWUH L OLPLWL GL /HJJH QRQ VXSHUD OD PLVXUD FRPSOHVVLYDGHOORSHUPLOOH LO JHWWLWR VWLPDWR GDO SUHGHWWR LQFUHPHQWR DPPRQWD DG ¼ HG q LQWHUDPHQWH GHVWLQDWR DO ILQDQ]LDPHQWR GHOOH GHWUD]LRQL VRSUD LQGLYLGXDWH OH TXDOL FRPSRUWDQR XQ FRVWR FRPSOHVVLYR VWLPDWR GL ¼ H FRQVHQWRQRGLRWWHQHUHHIIHWWLHTXLYDOHQWLRLQIHULRULDTXHOOLGHWHUPLQDWLVLFRQ ULIHULPHQWRDOO¶,08UHODWLYDPHQWHDOODVWHVVDWLSRORJLDGLLPPRELOL LO JHWWLWR FRPSOHVVLYR GHO WULEXWR VWLPDWR SHU O¶DQQR DPPRQWD DG ¼ LO JHWWLWR GHO WULEXWR FRQVHQWH GL RWWHQHUH XQD SHUFHQWXDOH GL FRSHUWXUD GHO FRVWR GHL VHUYL]L LQGLYLVLELOL SUHYLVWL GDO YLJHQWH UHJRODPHQWR FRPXQDOH ULFKLDPDWLLQSUHPHVVDSDULDO 'L VWDELOLUH LQ ¼ L FRVWL GHL VHUYL]L LQGLYLVLELOL DOOD FXL FRSHUWXUD q ILQDOL]]DWRLOJHWWLWRGHOOD7$6,FRPHDQDOLWLFDPHQWHLOOXVWUDWLQHOO¶DOOHJDWRLQSDUWH LQWHJUDQWHHVRVWDQ]LDOHDOSUHVHQWHSURYYHGLPHQWRGLFXLVLULSRUWDQROHULVXOWDQ]H ILQDOL 6HUYL]LR &RVWRWRWDOH 6HUYL]LR%LEOLRWHFDPXVHR ¼ 6HUYL]LR 9LDELOLWj H FLUFROD]LRQH VWUDGDOH DO QHWWR GHOOD ¼ TXRWDILQDQ]LDWDFRQVDQ]LRQLFRGLFHGHOODVWUDGD 6HUYL]LR ,OOXPLQD]LRQH SXEEOLFD DO QHWWR GHOOD TXRWD ¼ ILQDQ]LDWDFRQVDQ]LRQLFRGLFHGHOODVWUDGD 6HUYL]LR8UEDQLVWLFDHJHVWLRQHGHOWHUULWRULR ¼ 6HUYL]LR 3DUFKL H VHUYL]L SHU OD WXWHOD DPELHQWDOH GHO ¼ YHUGHDOWULVHUYL]LUHODWLYLDOWHUULWRULR 6HUYL]LQHOFDPSRGHOORVYLOXSSRHFRQRPLFR ¼ 7RWDOH ¼ 'L WUDVPHWWHUH WHOHPDWLFDPHQWH OD SUHVHQWH GHOLEHUD]LRQH DO 0LQLVWHUR GHOO¶(FRQRPLD H GHOOH )LQDQ]H SHU LO WUDPLWH GHO SRUWDOH ZZZSRUWDOHIHGHUDOLVPRILVFDOHJRYLW HQWUR JLRUQL GDOOD GDWD GL HVHFXWLYLWj H FRPXQTXH HQWUR JLRUQL GDO WHUPLQH XOWLPR GL DSSURYD]LRQH GHO %LODQFLR DL VHQVL GHOO¶DUWLFROR FRPPD GHO 'HFUHWR /HJJH GLFHPEUH Q FRQYHUWLWRLQ/HJJHQ € € Totale 308.615,00 8.681,00 Servizio Biblioteca, museo € 129.366,00 € 8.250,00 € 136.548,00 € 2.100,00 € 23.670,00 Personale Acquisto di beni di consumo e/o materie prime Prestazioni di servizi Utilizzo di beni di terzi Trasferimenti Interessi passivi ed oneri finanziari diversi Imposte e tasse Descrizione costo € 80.076,00 € 335.083,00 1.857,00 € € € 3.361,00 3.993,00 Servizio Illuminazione pubblica € 27.126,00 € 3.300,00 € 302.800,00 Servizio Viabilità e circolazione stradale € 55.122,00 € 10.000,00 € 7.600,00 € € 138.898,00 6.324,00 € € 452.694,00 14.079,00 7.872,00 € € € 69.978,00 2.320,00 3.000,00 € € 15.500,00 Servizio Parchi e servizi per la tutela Servizi nel ambientale del campo dello verde, altri servizi sviluppo relativi al territorio economico € 207.643,00 € 63.016,00 € 38.300,00 € 184.800,00 € 1.642,00 Servizio Urbanistica e gestione del territorio € 111.914,00 € 600,00 € 4.560,00 Importo € 594.187,00 € 60.450,00 € 637.950,00 € 2.100,00 € 50.042,00 € 3.361,00 € 37.254,00 € € 1.385.344,00 Totale COSTI DEI SERVIZI INDIVISIBILI DI CUI ALL' ART. 9 DEL REGOLAMENTO COMUNALE PER LA DISCIPLINA DEL TRIBUTO SUI SERVIZI INDIVISIBILI - ANNO 2014 TRIBUTO SUI SERVIZI INDIVISIBILI (TASI) !"#$%&'()'*%+",*'(&,,-&#),)* 1&)2$*,$'+!$+%)#).*' !"#$%"&'($)*"+!"#+,)*-$.#$)+,)/0*'#" +6A34:#$3<@K347###12###L3<###3454657428 *0&*'&!"%"#)!"5.)%*%+)*0)*'&'!"%;0",," (==&''( )#9":;*' $%)!*' !"#$%*,&' <' *990"/*+)"%&' (&,,&' *,)=$";&' &' (&;0*+)"%)' (&,' ;0)>$;"' :$)':&0/)+)')%()/):)>),)'?;*:)@'9&0',-*%%"'7428A !"#$#%&'%&()%&"**+&"#,-&./&'$*&'$(#$,0&*$1%2*",%30&45-65-7666&8-&79: !"# $!%&''(%&# $&"")*%&*# !+'&%&,,*'* 234##56789:##;:8;3483##<7##%&=("*%!'*)#'&-+!-*##3>?4@A3##?74343B .*/"0&/",& $797###DE/FG/DFHI !"#$!%&''(%&#*%&*# &-(+(.!-(/0!+*+1!*%!*#&#-(+'%(""( C*%C!&%!#-"*J$!* 234##56789:##;:8;3483##<7##%&=("*%!'*)#-(+'*C!"&##3>?4@A3##?74343B !"# .*/"0&/",& $!%&''(%&#*%&*# &-(+(.!-(#/# 0!+*+1!*%!*#&# -(+'%(""( $797###DE/FG/DFHI !"#$!%&''(%&#*%&*# &-(+(.!-(/0!+*+1!*%!*#&#-(+'%(""( C*%C!&%!#-"*J$!* !"#$%"&'($)*"+!"#+,)*-$.#$)+,)/0*'#"+*&1+23+!"#+4565768539 !"##$%&'(()$*'#$&"&+$##$+,)-##$. /!&0123/42562 &<:44:!;5/&8:1</52 :5=;!:&42!!>2</!/:%&!?&@AB@CBD@EF /!&7/82&329126:1/; 3:99/5/&0:61/=/:
© Copyright 2025 ExpyDoc