Moscow refuses to draw up a three-year budget

Due to the financial and economic crisis, the city authorities intend to refuse to draw up and approve the city budget for a three-year period. As noted on Monday at a meeting of the budgetary and financial commission of the Moscow City Duma, the head ...

Due to the financial and economic crisis, the city authorities intend to refuse to draw up and approve the city budget for a three-year period.

As Yury Korostelev, head of the capital's finance department, noted at a meeting of the budgetary and financial commission of the Moscow City Duma on Monday, the significant lag in the formation of city budget revenues that is emerging in 2009, the uncertainty of socio-economic development parameters predicted in the current and subsequent years, requires not only a serious revision of the city's budget for this year and the planning period of 2010-2011, but also a temporary refusal to draw up and approve the city budget for a three-year period and switch to its formation only for the next financial year.

In this regard, Korostelev presented to the deputies a draft amendment to the law "On the Budgetary Structure and Budgetary Process in Moscow."

According to the message agency "Interfax"