Budapest to make external financing a condition for new liabilities
A 2014 concept budget approved by the Budapest local council on Wednesday prohibits the city from taking on new liabilities without tapping new external resources. The concept budget makes projects supported with a high proportion of European Union funding an exception to the rule, but state that additional financing may only be proposed in the case of “unavoidable external circumstances.” It targets declining operating expenditures and lower borrowing. The concept budget requires public transport services to be adjusted to available financing. The mid-term financing projection shows a drop in development spending as projects funded during the 2007-2013 European Union budgetary period wind up. Among the plans for next year contained in the concept are the start of test runs on the city's fourth underground line and achieving full-capacity operation of the capital's central water treatment plant.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.