Budapest City Hall

Budapest assembly adopts 2024 budget

The Budapest municipal assembly on Wednesday adopted the city council's 2024 budget, targeting revenue of 437.7 billion forints (EUR 1.1bn) and expenditures of 442.6 billion forints.

The deficit will be covered from bonds and revenues from bank deposits.

The budget, adopted with 17 votes in favour, allocates 6.94 billion forints towards the repayment of loans.

The councillors of the ruling Fidesz-Christian Democrat alliance did not return to the assembly meeting after Budapest Mayor Gergely Karacsony called a recess over 1st district mayor Marta Naszalyi’s disciplinary hearing.

The assembly’s group leader for ruling Fidesz said in response that Budapest’s 2024 budget was “a budget of incompetence”.

“While the city can calculate with a record 300 billion forint revenue in business tax next year, it is still caught up in debt, and it has not even a single development project in its budget draft,” Zsolt Wintermantel said on Facebook.

He said that the Budapest leadership “has spent all of the city’s record revenues generated in taxes and consumed up the reserves while the city is not developing, but operating from day to day”.

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