27 Aug 2011

CNMI's FY 2012 budget introduced to House

10:01 am on 27 August 2011

In the Northern Marianas, the House Ways and Means Committee chair Representative Ray Basa has introduced the long-awaited fiscal year 2012 budget bill of 102 million US dollars.

The start of the new fiscal year is the 1st of October.

Representative, Ray Yumul, says House the Bill is expected to be acted on by the House during a session scheduled for next Tuesday.

Mr Basa's bill retains the unpaid legal holidays and 16-hour work cuts bi-weekly at least for the first quarter of FY 2012, but the work cuts could continue if no additional revenue will be identified.

The government's estimated revenue for FY 2012 is over 120 million US dollars.

The government anticipates the Department of Public Health will be turned into a corporation by the 1st of October, so a Health Department budget is no longer included in the total projected revenue and spending, except for a five million dollar "seed" money for the department.

Of the 120 million, 102 million is the net budgetary resource available for appropriation.

The rest is reserved for bond repayments and other government obligations.