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Budapest budget to be in red this year

The local council of Budapest closed with a budget surplus of HUF 40 billion in 2010, but expects a HUF 55 billion deficit for 2011, business daily Napi Gazdaság reported Friday based on the city's budget plan.

Last year's surplus stemmed from delayed investments, a factor that does not apply to this year's budget.

The budget targets an operating revenue of HUF 303 billion and operating costs of HUF 271 billion. Total revenue is expected at HUF 447.5 billion, but Budapest's stock of loans was HUF 172.7 billion at the end of 2010.