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House set to revise concurrent resolution with new budget figures
The House of Representatives is set to revise this week its concurrent resolution with Gov. Ralph DLG Torres’ earlier submitted budget, following the submission of revised budget figures marking $9.2 million more for government appropriations for fiscal year 2017.
In a combined total, projected budgetary increase stands at $24.2 million from last fiscal year.
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. “We have to act on the budget so we can make sure the government can function,” Demapan said.
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’ submission.
Torres’ revised gross budgetary resources for FY 2017 stand at $212.64 million, up from an earlier projection of $203.42 million.
Net resources available for the government total $137.02 million, after adjustments for debt, earmarked funds, and other legal obligations.
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.
Income taxes are projected at $42.1 million, or 20 percent.
Excise taxes are at $44.45 million, or 21 percent.
“Other taxes” are projected at 429.178 million, or 14 percent.
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.
Torres’ 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.
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.
