Budapest Blocks HUF 65 Billion in Development Due to Lack of Funds

Budapest has blocked HUF 65 billion in resources, stalling the renovation of roads, squares, buildings, and trams, writes 24.hu.

Renovations and developments of squares and roads may be indefinitely postponed in the capital after the Budapest Municipality blocked HUF 65 billion in June due to tax revenue losses and deductions.

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The lock lasts until the 15th of October, at which point a general meeting will be held to decide where the resources should be spent.

Ambrus Kiss, Deputy Mayor for the Budget, said he did not dare say that the deficit around HUF 60 billion would be the worst case scenario.

The list also includes the intended amount for the renovation of the Chain Bridge, a total of HUF 11.8 billion.

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The list of blocked renovation projects includes:

• The first phase of the City Hall reconstruction (HUF 1 billion)
• The modernization of the institutions of the Metropolitan Municipality’s energy system (HUF 1.2 billion)
• The renovation of Széna Square (HUF 787 million), although Széna Square will be renovated, the proposal will be about much smaller technical content, and the contractor will be District II
• The renovation of Blaha Lujza Square (HUF 100 million)
• HUF 2 billion was also blocked from road and bridge renovations
• HUF 756 million from traffic engineering renovations

Featured photo illustration via Gergely Karácsony’s Facebook page.