As shown in Figure 2, the total operational expenditure (excluding infrastructure) of title-holding cities over the above-mentioned period ranges from €9 million (Pafos, Cyprus, 2017) to €289 million (Istanbul, Turkey, 2010). The case of Istanbul should however be treated with caution, since it ran a surplus of some €100 million. Liverpool’s budget – €166 million – (United Kingdom, 2008) appears particularly high. Nevertheless, it is important to note that Liverpool structured its cultural activities over multiple years and directed funding to cultural organisations from the core local authority for a period of time leading up to and including 2008. Budgets employed by four other cities – Mons (Belgium, 2015), Essen (Germany, 2010), Wrocław (Poland, 2016) and Marseille (France, 2013) – were in the range €70-€100 million.