Rep. Antonio Sablan, who chairs the House Fiscal Committee, is looking to call on the Department of Finance in the coming weeks to learn the details of the $9.18 million shortfall in fiscal year 2015 revenue projections.<\/p>\n
He hopes to have Finance Secretary Larissa Larson present to lawmakers and explain the details of the government\u2019s end of the year report.<\/p>\n
The Office of the Governor has reported total revenue collections of $125.15 million in fiscal year 2015\u2014short by about $9.18 million compared to the projected revenue for the fiscal year.<\/p>\n
Sablan wants to \u201cto get a clear picture.\u201d \u201c\u2026And as a result of that, what we can look forward in fiscal year 2016,\u201d he added.<\/p>\n
The $9.1 million shortfall means the government\u2019s total expenditures exceeded revenues appropriated in last year\u2019s Budget Act, with a total expenditure of $143.43 million. The shortfall is largely blamed on Typhoon Soudelor, the passing of nine typhoons last fiscal year, and IT&E\u2019s massive network outage in July.
\nSablan said the deficit\u2014which came at the close of the fiscal year\u2014\u201chad to be expected.\u201d<\/p>\n
He hopes that\u2014as a result of the recovery activities from October last year to the present\u2014what the CNMI lost in revenue can be made up for in fiscal 2016, as reimbursements from federal government comes in and households and business are able to spend.<\/p>\n
Sablan hopes the current situation, with the federal government\u2019s delay in processing more than 2,000 contract worker permit renewals, does not add to the negative situation in regards to revenue projections and collections.<\/p>\n","protected":false},"excerpt":{"rendered":"
Rep. Antonio Sablan, who chairs the House Fiscal Committee, is looking to call on the…<\/p>\n","protected":false},"author":47,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[4511,3150,9155,6333],"class_list":["post-218743","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-antonio-sablan","tag-budget-act","tag-house-fiscal-committee","tag-typhoon-soudelor"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/218743","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\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=218743"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/218743\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=218743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=218743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=218743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}