CityTime, an effort by New York City to modernize its payroll system, is more of an ERP "project failure of the decade" and then some, as it dates to 1998. But in recent weeks allegations of massive corruption and waste regarding the project have come to a boil.

It was originally budgeted at around US$60 million, but has since ballooned to a colossal $700 million-plus, the New York Daily News reported recently.

New York Mayor Michael Bloomberg has called the project a "disaster." This week, federal authorities charged a number of workers on the project with being the ringleaders of a fraud scheme that siphoned some $80 million from taxpayers,

On Thursday, New York Comptroller John Liu suspended Joel Bondy, executive director of the city's office of payroll administration, and .