‘A flawed budget’
Slamming the BBMP for proposing a “flawed and unscientific budget”, the JD(S) termed it a bigger scam than the scandals rocking the Commonwealth Games and the cricketing world.
The office-bearers of JD(S) said the revenues projected by the Palike were foolhardy, expenditure skewed and there were absolutely no means to realise the various visions it seeks to achieve through the implementation of the budget.
They said the BBMP lacked both the ability and the financial wherewithal to implement the projects proposed in the budget, as majority of the budget is based on resources that are expected to be raised through borrowing.
Citing that the BBMP has borrowed a huge sum of money from various financial institutions during the previous budget at interest rates as high as 12 per cent, they said a good chunk of this year’s borrowing would be expended to pay up the interest of the previous borrowing.
Further, on the State grants that the Palike seems to have pinned high hopes on, they said that even after 48 hours of the budget being proposed, the Chief Minister has not made any formal announcements.
