The Senate is holding a session today primarily to discuss preliminary reports on the administration\u2019s proposed $226-million budget for 2005.<\/p>\n
\u201cThis is our priority. Both the Senate and House committees have been meeting to discuss the budget. We expect at least a preliminary report today,\u201d said Senate president Joaquin Adriano in an interview.<\/p>\n
Adriano expressed confidence that the estimated revenues by the administration can be worked out.<\/p>\n
Earlier, Senate minority leader Pete Reyes said the budget proposal was good as dead, saying it was unrealistic and based on an exaggerated revenue estimate.<\/p>\n
But Adriano projects enhanced revenue collection and an improved economy for the next fiscal year, given the anticipated influx of Chinese tourists on the islands. <\/p>\n
Reyes, for his part, cited that for this year alone, the administration failed to meet several financial obligations in a timely manner, including the 2002 rebate and refund payments.<\/p>\n
Further, reports said that the CNMI\u2019s debt to public and private vendors rose to over $100 million in the current fiscal year, including the over $75 million in outstanding employer\u2019s contributions to the Northern Mariana Islands Retirement Fund.<\/p>\n
It also includes some $5.3 million in remaining balance owed the Commonwealth Health Center, over $16 million in unpaid utility bills to the Commonwealth Utility Corp., and over $4 million for goods and services from private vendors.<\/p>\n
The Department of Finance has reported that it collected only $107.3 million in the first seven months of fiscal year 2004, which is way below the $213 million projection.<\/p>\n","protected":false},"excerpt":{"rendered":"
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