The Torres administration is looking to re-appropriate a portion of the revenues it projects to collect in fiscal year 2020 to secure the 25 percent payment of the pension of all retirees.<\/p>\n
This was emphasized in the $233.22 million proposed budget for fiscal year 2020 that Gov. Ralph DLG Torres transmitted to the Legislature last Friday.<\/p>\n
This is a 9.7-percent decrease from last fiscal year\u2019s record high budget of $258.14 million\u2014a difference of $24.9 million.<\/p>\n
The local revenue and resources available for appropriation went down by 14.3 percent\u2014from $171,589,677 in fiscal year 2019 to $147,135,214 in fiscal year 2020\u2014or $24,454,463.<\/p>\n
The Finance Department, headed by acting secretary David Atalig, has identified $233,222,527 in gross budgetary resources from revenues collected from the business gross revenue tax, income tax, excise taxes, and others (hotel occupancy, bar, and beautification taxes). <\/p>\n
The net amount of resources available for appropriation is $147,135,214.<\/p>\n
\u201cThe budget submitted is balanced where the total amount of proposed expenditures does not exceed total estimated resources available for appropriation,\u201d said Torres in his letter to House Speaker Blas Jonathan T. Attao (R-Saipan) and Senate President Victor B. Hocog (R-Rota).<\/p>\n
Business gross revenue taxes comprise 35 percent of the CNMI\u2019s budgetary resources, $80,878,020. <\/p>\n
The other budgetary sources are income taxes (25 percent or $58,198,743), excise taxes (21 percent or $48,866,820), other taxes (11 percent or $25,927,581), licenses and fees (5 percent or $11,449,316), charges for services (2 percent or $4,866,243), and other revenues (1 percent or $3,035,804).<\/p>\n
Torres said the budgetary gross adjustment also reflects the inclusion of the allocation to the NMI Settlement Fund of $43 million. The adjustment is pursuant to Public Law 20-33, which established the NMISF Revolving and Bond Payment Revolving Fund Accounts.<\/p>\n
He added that the government, in the last five years, has fulfilled its pension obligation to the Settlement Fund and encouraged autonomous and semi-autonomous agencies to also contribute. \u201cFor context, retirees benefitting are those from across all entities of the government including the autonomous and semi-autonomous agencies.\u201d<\/p>\n
Ways and Means<\/strong><\/p>\n Rep. Ivan A. Blanco (R-Saipan), chairman of the House Ways and Means Committee, confirmed with Saipan Tribune that his office has already received the fiscal year 2020 budget plan. \u201cThe members of Ways and Means will review the budget proposal next week onwards and ensure that, first and foremost, the numbers are balanced.\u201d<\/p>\n \u201cSecond, that all branches, executive and autonomous agencies, and instrumentalities of the government receive a fair budget share to ensure critical services are intact, innovative programs continue, and that we meet our general obligations.\u201d<\/p>\n He added that Ways and Means would also set aside funds that the government could tap in case of emergencies. \u201cWherever the committee finds possible excess funds, we will put it away for rainy days, for our future generation.\u201d<\/p>\n Blanco said that the Ways and Means Committee would also look into every amount contained in the governor\u2019s proposed budget including re-appropriations like the 25 percent for the pension of all retirees.<\/p>\n \u201cI saw that and the committee needs to meet with [Office of Management and Budget] and [Department of] Finance to ascertain exactly what is being proposed,\u201d Blanco told Saipan Tribune.<\/p>\n","protected":false},"excerpt":{"rendered":" The Torres administration is looking to re-appropriate a portion of the revenues it projects to…<\/p>\n","protected":false},"author":48,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-297149","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\/297149","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\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=297149"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/297149\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=297149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=297149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=297149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}