Of the $216.68 million in projected resources for Fiscal Year 2003, only $210.8 million will be available for general appropriation since over $5.87 million would go toward paying off the government\u2019s Capital Improvement Program bond obligations.<\/p>\n
This was disclosed by acting Finance Secretary Frank B. Villanueva in a letter addressed to Gov. Juan N. Babauta on the projected budget situation of the Commonwealth in the next fiscal year.<\/p>\n
\u201cOf the total estimated resources [$216.98 million], $2 million is reserved by Public Law 11-14 to pay obligations related to the Public School System CIP financing bonds and $3.87 million is reserved by Public Law 11-102 to pay obligations relating to the $60-million Commonwealth Development Authority CIP financing bonds,\u201d Villanueva said.<\/p>\n
The net result\u2014$210.8 million\u2014represents an 8.76-percent increase in available resources for Fiscal Year 2003 when compared to the $193.36-million level for Fiscal Year 2002.<\/p>\n
Although this would appear to be a substantial increase in available funds, Villanueva said the figure is still nearly $10 million below the actual revenue collections in Fiscal Year 2001.<\/p>\n
\u201cThe reduction from FY2001 levels is attributable to an estimated 15-percent decline in the garment industry, a one-time tax settlement in FY2001 and the diversion of the Marianas Public Land Trust interest to repay a Northern Marianas Housing Corp. loan under Public Law 12-27,\u201d he said.<\/p>\n
The acting Finance Secretary said his office, together with representatives from the Department of Commerce and the Office of Management and Budget, arrived at these figures after several meetings where they reviewed current revenue collection trends, as well as data from the Marianas Visitors Authority and the Saipan Garment Manufacturers Association.<\/p>\n
\u201cAfter reviewing all available data, our revenue estimates are based on the general assumption that tourism will rebound to Fiscal Year 2001 levels in Fiscal Year 2003 but that the garment industry will continue to run at the Fiscal year 2002 level, which is 15 percent below Fiscal year 2001,\u201d he said.<\/p>\n
During Tuesday\u2019s Cabinet meeting, Villanueva disclosed that several departments, including Finance, had exceeded their budget ceiling, prompting Babauta to direct these agencies to withdraw their budget submissions so they could be adjusted.<\/p>\n
\u201cIn the Cabinet meeting, the Governor said: \u2018Take it back. Return it back to OMB within the ceiling.\u2019 Finance has exceeded the ceiling by about $1 million. The Governor wanted us to retrieve it, so we\u2019re going to take it back and we\u2019re going to come within the ceiling,\u201d he said yesterday.<\/p>\n
With a May 1 deadline looming, officials of the Executive Branch are scrambling to hammer out a feasible budget for the next fiscal year and Babauta had promised that he will be able to come up with a realistic budget before the deadline ends.<\/p>\n","protected":false},"excerpt":{"rendered":"
Of the $216.68 million in projected resources for Fiscal Year 2003, only $210.8 million will be available for general appropriation since over $5.87 million would go toward paying off the government\u2019s Capital Improvement Program bond obligations.<\/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-63370","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\/63370","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=63370"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/63370\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=63370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=63370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=63370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}