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Budget revised with lower spending, revenue targets

The Hungarian government's revised budget, submitted to Parliament on Sunday, shows lower spending as well as revenue targets and a cut in support for state institutions compared to the earlier budget.

The revision, made because of the global financial crisis, is the second of the government's original budget bill.

The revised budget bill, published on Parliament's website, shows central budget revenue of Ft 8,270 billion, down Ft 188 billion from revenue in the previous bill. The central budget expenditure target was lowered by Ft 297 billion to Ft 8,934 billion, causing the central budget deficit to narrow by Ft 109 billion to Ft 664 billion.

The modifications reduce the revenue of the state's pension fund Ft 84 billion to Ft 2,999 billion and cuts the fund's expenditures by the same amount, also to Ft 2,999 billion, showing the fund will break even.

The bill lowers revenue of the state's health insurance fund Ft 32 billion to Ft 1,409 billion and cuts its expenditures Ft 33 billion to Ft 1,415 billion. (MTI – Econews)