The House of Representatives is set to revise this week its concurrent resolution with Gov. Ralph DLG Torres\u2019 earlier submitted budget, following the submission of revised budget figures marking $9.2 million more for government appropriations for fiscal year 2017.<\/p>\n
In a combined total, projected budgetary increase stands at $24.2 million from last fiscal year.<\/p>\n
During a House session last week, House Speaker Ralph Demapan (R-Saipan) said there would not be any session until a budget bill is passed, after their session this Thursday. \u201cWe have to act on the budget so we can make sure the government can function,\u201d Demapan said.<\/p>\n
House fiscal committee chair Tony Sablan (Ind-Saipan) also told Saipan Tribune the House concurrent resolution would be adopted in their Thursday session and they would take information from ongoing budget hearings to make adjustments to Torres\u2019 submission.<\/p>\n
Torres\u2019 revised gross budgetary resources for FY 2017 stand at $212.64 million, up from an earlier projection of $203.42 million.<\/p>\n
Net resources available for the government total $137.02 million, after adjustments for debt, earmarked funds, and other legal obligations.<\/p>\n
In his July 1 submission to the Legislature, Torres marked business gross revenue tax projections at $76.24 million, or 36 percent of total resources.<\/p>\n
Income taxes are projected at $42.1 million, or 20 percent.<\/p>\n
Excise taxes are at $44.45 million, or 21 percent.<\/p>\n
\u201cOther taxes\u201d are projected at 429.178 million, or 14 percent.<\/p>\n
An additional $13.983 million is projected under licenses and fees, $2.425 million for charges for services, and $4.27 million under other revenue.<\/p>\n
Torres\u2019 earlier May submission identified $74.8 million from business gross tax revenue, or 37 percent of total resources; $41.8 million from incomes taxes, or 21 percent; $35.585 million from excise taxes, or 17 percent; and $29.178 million from other taxes, or 14 percent.<\/p>\n
It was also broken down into $14.14 million from licenses and fees, $1.575 million from charges for services, and $6.31 million from other revenue sources.<\/p>\n","protected":false},"excerpt":{"rendered":"
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