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Finance yet to issue revenue collection, spending report
The Department of Finance has yet to issue a report showing the government’s actual revenue collection and spending for the second quarter of fiscal year 2012 or from January to March, which lawmakers said could help the legislative budget process for fiscal year 2013.
Press secretary Angel Demapan said Finance is “currently in the end-stage of final reconciliation of the figures to be included in the report.”
Senate President Paul Manglona (Ind-Rota) said it has been three months since the end of the second quarter of fiscal year 2012 and yet the administration has not issued the report, which he said could show whether the government spent within its means after posting deficits for years and quarters.
House Ways and Means Committee chair Ray Basa (Cov-Saipan) said his committee is also waiting for the quarterly report as they work on the 2013 budget bill because that would give the members an idea of the government’s latest collection and spending activities.
Basa said he plans to introduce the 2013 budget bill soon, which will still reflect a $102 million ceiling, the same as the 2012 budget. He also said there will still be a 16-hour work cut every two weeks.
Fiscal year 2013 is from Oct. 1, 2012, to Sept. 30, 2013.
But the first quarter 2012 financial report from Finance showed a budget surplus of $1.06 million, an improvement from the quarterly average deficit of $6.45 million in fiscal year 2011.
