National Budget 2003 pending Congress approval
PALIKIR, Pohnpei (FSM Information Service): May 30, 2002 - The Third Regular Session of the Twelfth Congress of the Federated States of Micronesia convened on May 13 2002, for its deliberations on the national government's proposed budget for Fiscal Year 2003.
The Annual Budget is the government's most important policy instrument and reflects the government's fiscal, economic and social policies and priorities. The Budget contains funding for the operations of the National Government, National Agencies and Offices, Special Programs, Capital and Human Resource Development budgets and all other nationally funded programs and projects proposed for Fiscal Year 2003.
The proposed FY 2003 Budget is $37,503,545 and is apportioned as follows: Executive Branch = $14,258,467; Legislative Branch = $ 3,500,924; Judiciary Branch = $ 1,033,682, with the remaining amount divided among the National Agencies and Programs, and Capital and Human Resource Development.
President Leo A. Falcam's letter to Speaker Jack Fritz had indicated that the proposed Budget for FY-2003 complied with his Administration's policy of maintaining the government's spending at "an affordable level without sacrificing efficiency."
The President noted in his budget message to Congress that FY-2003 is of particular significance to the National Government as it marks the last year of assured funding under the current economic provisions of the Compact of Free Association with the United States of America. The budget preparations were therefore based on instructions to "ensure that the proposed FY 2003 budget does not exceed the current operational budget and that it is within the total projected revenues."
The Projection for FY-2003 indicated a total of $40.5 million based on projected revenues from Compact Funds, local taxes, fishing access fees, investment earnings and all other non-tax revenues. The proposed FY-2003 Budget is within range of next years projected revenues.
The FY-2003 Budget is the primary issue discussed during Congress's May Session. Although Congress had recessed on May 16, the various Committees of Congress had continued their Hearings with all the relevant Departments and Agencies of the National Government to finalize their operational budget for next year.
According to Tony Otto, Special Assistant to the President on Legislative Matters, all Standing Committee Hearings are expected to "complete all budget hearings before Congress comes into a Special Session which has been tentatively scheduled to be held during the last week of June 2002."
For further information on this release, please contact:
FSM Office of the President Public Information: Press, Radio, Video P.O Box 34 Palikir Station, Pohnpei, FM 96941 Tel.: (691) 320-2548/2092 Fax.: (691) 320-4356 e-mail: email@example.com http://www.fsmpio.fm/