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. Last Updated: 07/27/2016

City Budget Passed

MOSCOW -- Moscow Mayor Yury Luzhkov's version of a 1999 austerity budget was passed in a final reading by the Moscow City Duma on Wednesday, Interfax reported.

The balanced 72.7 billion ruble ($3.2 billion) budget represents a victory for the powerful mayor, who had to fight off attempts by city legislators to increase social spending at the expense of the city investment fund.

The Moscow city government, laboring under a debt burden like the federal government, has budgeted 6.9 billion rubles for debt servicing.

For the city reserve fund, which deputies had also tried to cut in favor of social spending, Luzhkov won a 700 million ruble increase to 2.1 billion rubles.