The administration is eyeing a $198.5 million budget for fiscal year 2007, Gov. Benigno R. Fitial said.<\/p>\n
This figure mirrors the adjusted revenue estimate that the Executive Branch has put in effect since January 2006.<\/p>\n
\u201cBased on an assessment of current government resources, I think I can safely say that we can collect up to $198.5 million,\u201d the governor said. He also expressed hope that the actual revenue collection would exceed this projection, citing \u201cnew potential investments.\u201d<\/p>\n
The Legislature\u2019s deadline for the administration to submit a budget proposal for FY2007 is May 1, 2006.<\/p>\n
The new fiscal year will cover the period between Oct. 1, 2006 and Sept. 30, 2007.<\/p>\n
The CNMI government has not enacted a budget since 2002, when the 13th Legislature passed the budget for FY2003. Public Law 13-24 set a $213-million spending limit for the government.<\/p>\n
The 14th Legislature found that there was $206 million available to the government for FY2006. But when Fitial stepped in three months ago, he reduced the revenue estimate to $198.5 million in view of declining collections.<\/p>\n
The new administration projected decreases of $3.1 million in income and business taxes; $2.3 million in garment users fees; $1.1 million in excise taxes; $200,000 in beverage taxes; $200,000 in amusement taxes; and $100,000 in other charges. The administration also estimated that government transfers-in would decline by $700,000.<\/p>\n
A committee composed of executive and legislative officials is tasked with creating a budget for FY2007.<\/p>\n
Finance Secretary Eloy S. Inos, acting Commerce Secretary James Santos, and the governor\u2019s special assistant for management and budget Antonio Muna represent the Executive Branch in the committee.<\/p>\n
From the Legislature, the representatives are Senate Fiscal Affairs Committee chairman Felix Mendiola and House Ways and Means Committee chairman Crispin Ogo.<\/p>\n","protected":false},"excerpt":{"rendered":"
The administration is eyeing a $198.5 million budget for fiscal year 2007, Gov. Benigno R. Fitial said.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-100087","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/100087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=100087"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/100087\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=100087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=100087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=100087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}