The end of the fiscal year is the time when the last remaining money from that year’s budget is spent, new budgets are adopted, in urgent and regular proceedings. The foundation CPI calculated how much public money will be spent each second in the new 2017. The foundation launched the public consumption counter from zero at midnight on December 31, 2016.
“First of all, let us take a look at the past 2016. The counter of public consumption reached the amount higher than 14 billion BAM then,” the CPI stated.
The foundation CPI continued upgrading the database of public finances on the website www.cpi.ba. This database enables all citizens, organizations, and institutions an insight into the public consumption on municipal, cantonal, entity, district, and national level. Data for more than ten years have been collected so far for certain levels of authority. A novelty in the database is that out-of-budget consumption is also in the database as of 2016 and the database can be searched according to keywords.
Old practices are still present, budgets are planned and adopted without participation of the public. New credits are being taken to repay the old ones. New loans from the IMF are conditioned with the privatization of public sector, and the contract with the IMF is signed in the last minute, thus saving the authorities from bankruptcy right before the elections. Credits are used to fill the gaps in budgets and for current consumption.
In 2017, all levels of authority in BiH intend to spend 13.100.000.000 BAM and already now they need 126.7 million BAM to spend that much money. Also, authorities intend to indebt themselves additionally by means of credits, until they reach the amount of 14.953.500.000 BAM.
If this amount is divided with the number of seconds in a year, the result is that the public consumption counter will count 474 BAM per second in 2017,” CPI explained.
(Source: novovrijeme.ba)
