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President Mori Submits Revised FY08 Budget

Palikir, POHNPEI (Office of the President): August 31, 2007 - President Mori transmits his revised FY08 budget to Congress on August 28, 2007, for Congress' consideration at its upcoming 2^nd Special Session September.

The revised FY 2008 is based on the budgetary requirements necessitated by the Executive Branch Reorganization Plan and in conformity with prioritized development financing needs and available public resources.

The total revised FY08 expenditure budget is $39.2 million compared with the original proposed FY08 budget of $35.4 million. A projected FY08 surplus of $3.8 million is included in the $39.2 million revised budget expenditure and its proposed to be used for priority sector programs including 67% contribution to the FSM Trust fund, EEZ patrol fuel, MLFC ADB Loan Repayment and updating and promotion of the FSM strategic Development Plan among other uses. Complete detail of the revised FY08 budget expenditure, including surplus revenue use is provided in the revised FY08 document.

President Mori is optimistic of a favorable consideration of his revised FY08 budget, including his Executive Restructuring Proposal, by Congress. President Mori is confident that the revised FY08 Budget and Executive Branch Restructuring Plan are means to achieve his Administration's goals of "improving and strengthening efficiency in the delivery of public services" and increasing productivity and efficiency" within the Government.