FSMIS (May 27, 2014): As mandated by specific parts of Title 55 of the Code of the Federated States of Micronesia, the FSM Congress adopted a resolution on May 20th that sets the ceiling for total funds estimated to be available in domestic revenue this fiscal year 2014.
Congressional Resolution 18-163 states that an amount of $69,098,221 is estimated to be available from domestic revenue during this fiscal year ending September 30, 2014, in addition to an amount of $3,512,158 under funds from the Amended Compact of Free Association with the United States.
This estimated amount exceeds the FY14 domestic revenue projection submitted by the President to Congress on April 2, 2013 by approximately $14.8 million.
"Historically, the actual revenue collection has exceeded projections and by a wide margin in recent years... Overall, the $54 million domestic revenue projection is not only realistic and achievable but is more on the conservative side", President Mori expressed in his FY14 budget transmittal letter.
The recent increase in domestic revenue has been mostly attributed to funds increase realized from Fishery Agreements and tax fees from Major Corporations.
In the FY15 budget request submitted to Congress last month, the President asked for a $15 million to be set aside as what has been termed 2023 Investment Fund, an amount he has urged Congress to make available for such fund each year leading to 2023. This amount matches the difference between the revenue projection of April 2013 and what Congress now sets as achievable domestic revenue this fiscal year.
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