Previous Story
New FY ’08 budget numbers show surplus
|
Posted on Jan 04 2009
A new report from the Department of Finance shows a budget surplus of $110,000 for fiscal year 2008, as opposed to an $18 million deficit earlier reported.
In his Nov. 26 report the Legislature, Finance Secretary Eloy Inos said his office was showing $13.6 million in excess expenditures and obligations over the $160.1 million budget. The department was also reporting $4.5 million in revenue shortfall.
That report showed the government went on “continuing resolution,” spending at the prior year’s level of $160.1 million. However, the government collected only $155.6 million and spent $173.7 million.
But since that time, Inos said his office received $17.2 million from the U.S. Treasury as final settlement on a long-standing cover-over issue. Because the payment was received within 60 days of the end of the fiscal year on Sept. 30, the amount must be accrued in the 2008 budget.
Inos, in his report to the governor, said there also is an additional $700,000 in revenue that came in, lowering the revenue shortfall from $4.5 million to $3.8 million.
The new numbers show $13.415 million in net additional revenue and $13.305 million in excess expenditures over the continuing resolution appropriations.
“Based on the above and as preliminarily reported in my November 26, 2008 letter to House Speaker Arnold Palacios, the CNMI reports a budgetary surplus of $110,496 for fiscal year 2008,” Inos said.
Gov. Benigno Fitial, in his letter to Palacios and Senate President Pete Reyes presenting the new numbers, noted that the law allows 120 days from the end of the fiscal year for completion of accruals, adjustments, and encumbrances which may change total amounts.
The 2008 total have been submitted to the auditors, Fitial said.
