After Assen Broussev resigned, at his proposal the councillors elected Panaiot Panaiotov Mayor of Varna. He was in office from August 1933 till May 1934. Panaiot Panaiotov was born in 1883 in Elena, in a merchant family.

He was a persevering, honest and highly responsible man and public figure. These traits of his character made the councillors elect him. They also helped him win the sympathies of most people he met.

As it often happened in these years, Panaiotov's term in office was a short one. He could only continue hat previous administrations had started. A number of tenders for construction and repair of municipal buildings were organised. 100,000 leva were allotted to the creation of a Food Supplies Commissariat, to be used as working capital, 10 dka of the municipal vineyard nursery-garden were given to Bulgarian Agricultural Bank for building a modern winery. Most discussed by the councillors were the problems of the unemployed, the housing of the poor, water and electricity supply to the suburbs. The building of the free school canteen began in 1934. A school building was completed in the refugee district behind the State Hospital.

The mayor initiated a conference with representatives of institutions and cooperatives, MPs from Varna, municipal councillors, etc., to discuss the development of Varna as a resort centre. The goal, in Mayor's mind, was to see what else was there to be done to improve services and attract more holidaymakers. The Mayor also planned the construction of a Library Building in Varna.

After the coup d'etat of 19 May 1934 the Municipal Councils were abolished as elected bodies. Mayors were appointed. New municipal elections were held in 1937.