Hungarian Gov’t Strains To Meet Budget Target
- 17 Dec 2010 7:00 AM
"The government has cut ministries’ spending by Ft 100 billion for the month of December following reports that the state budget was at 151% of the year-end target at the end of November, Napi Gazdasag reports. The cabinet issued a decree setting a Ft 371 billion spending ceiling for the month of December in order to meet the 3.8% budget deficit target for 2010.
The move comes despite the expected arrival of Ft 250 billion this month from windfall taxes, as well as the annual December influx of money from corporate taxes.
November data showed a budget shortfall for the first 11 months of Ft 1,304 billion, some Ft 510 billion above the year-end target.
At the same time as capping expenditures, the state budget reserves were boosted by Ft 61 billion to Ft 153 billion, from proceeds from the tax on telecoms companies. The cabinet has already earmarked the use of this money to be spent this year, Napi Gazdasag adds. "
Source: Hungary Around the Clock
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