$118M revenue vs $126M expenses

The CNMI government collected an estimated $118.7 million in General Revenue funds during the first seven months of fiscal year 2004—a .08 percent increase from collections made in October 2002-April 2003.

The government also noted that, from October 2003 to April 30, 2004, the CNMI government had a budget authority of $124.62 million, yet its expenditures shot up to $126.8 million during the same period.

In a report submitted by the Department of Finance to Gov. Juan N. Babauta covering the period from the start of the fiscal year to April 30, 2004, the CNMI government noted the following changes in its revenue streams:

* an 18.2-percent increase in its amusement machine licenses collection from $3.4 million to $4.3 million;

* a 10.3-percent increase in the Immigration and Alien Registration fees, from $1.5 million to $1.7 million;

* excise taxes increased by 9 percent from $13.3 million to $14.6 million;

* garment user fee revenue rose by .75 percent or only about $150,000 more for this year; and

* a 7.4 percent decrease in the business gross revenue tax collections, from $35.6 million posted in October 2002-April 2003 down to $33.2 million in the first seven months of FY2004.

In the last five months of fiscal year 2004, the CNMI hopes to collect an estimated $100 million more to reach its fiscal year 2004 budget projection, which is pegged at $218 million.

Of its revenue sources, the CNMI government hopes to collect $25.4 million more from the Business Gross Revenue Taxes and $14.7 million more from the wage and salary tax, and $15.3 million from corporate and personal income tax. The CNMI government is also pinning its hope on the excise tax where it is hoping to collect $9 million more for the remaining five months of this fiscal year.

For the garment user fee, the government hopes to receive $13.1 million in taxes and $2.9 million from the hotel tax and $2.2 million from the Liquid Fuel tax.

Of its revenue sources, the DoF noted a decrease in collection from the BGRT, salary tax, personal and corporate taxes, gaming jackpot tax, hotel tax, liquid fuel tax, and other penalties.

Today, Gov. Juan N. Babauta would meet with the members of the 14th CNMI Legislature to discuss several issues, including the proposed budget allocations of the government for fiscal year 2005.

House spokesperson Charles Reyes said Babauta also briefly narrated to House leaders yesterday his plans and activities for his Washington D.C. trip on Sunday.

Babauta is leaving for Washington to hand-carry the lists of stateless individuals in the CNMI to U.S. Rep. Dan Burton.