Tuesday, October 15, 2013

FSM State Governors contacted regarding new Compact funds division formula

FSMIS (October 15, 2013): Federated States of Micronesia President Manny Mori made available to the Governors of the four States in the FSM, through an October 9th communication, further details on the modified distribution formula for Compact grants, which became law thirty-one days ago as FSM P.L. No. 18-12.

The new distribution lowers Compact funds share for the National Government to 5%, instead of the previous 10%, and increases the shares for the States in the following.
previous division
new division
Chuuk State
Pohnpei State
Yap State
Kosrae State

 IT was made known that the total amount of Compact Sector grant for fiscal year 2014 is $81,111,840.
Under the new funds division, the FSM Government should expect no more than $4,055,592.

 The States could count on receiving these amounts:

Chuuk State:              $32,533,959
Pohnpei State:          $21,673,084
Yap State:                  $13,521,344
Kosrae State:            $9,327,862

As not all Compact funds for FY2014 have been allocated, the President indicated to the Governors that the Office of SBOC “will be coordinating with the OIA (Office of Insular Affairs) and the US JEMCO members to clarify the next steps for accessing the FY2014 funds that have yet to be allocated”.

For inquiry, call the office of SBOC at 320-6260 or email eadolph@sboc.fm or fsmpio@mail.fm.

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