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.

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