§ 34 Ordinance on the Accounting of Municipalities - Exceeding Credit Limits

1. If the undertaking of an expenditure or an outlay for which no adequate credit has been approved in the budget cannot be postponed without adverse consequences for the municipality or the corporation, or if it concerns a mandatory or non-discretionary expenditure, the executive authority may decide on a credit overrun.

2. Credit overruns are also permissible for expenditures and outlays which are offset by corresponding related revenues and income within the same fiscal year.

3. The executive authority must inform the eligible voters of credit overruns with the financial statement, including an explanation of the reasons.

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