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$12M supplemental budget bill prefiled
House Ways and Means Committee chair Tony Sablan (Ind-Saipan) prefiled on Wednesday a bill appropriating $12.386 million in additional projected revenue for fiscal year 2014, a week after Gov. Eloy S. Inos sent his supplemental budget that’s intended only for two items.
Under Sablan’s House Bill 18-192, $5 million will go to the retirement settlement trust fund. This will be added to the $20 million set aside in the original fiscal year 2014 budget law for the retirement fund, to meet the $25 million minimum guaranteed payment for fiscal year 2014.
The remaining $7.386 million will be used to pay the government’s employer share of the Group Health and Life Insurance premiums for retirees.
Sablan’s bill reflects the governor’s request in his supplemental budget transmittal.
“The funds can only be used for these two items alone. They can’t be reprogrammed or spent for purposes under than what’s stated in the bill,” Sablan told Saipan Tribune.
The $12.386 million will be added to the fiscal year 2014 budget of $123.4 million. The additional projected revenue comes from gross revenue tax, wage and salary tax, and personal income tax of prior years but collected only recently.
A tiny portion of this is from a settlement with ComputerLand founder William H. Millard, once listed as among the richest people in America.
