Saturday, September 27, 2014

FSM Congress agrees on FY15 domestic revenue level of $66,886,705 projected by the President

FSMIS (September 27, 2014): The Congressional Standing Committee on Ways and Means reported to Speaker Dohsis Halbert on September 22nd its concurrence with regards the fiscal year 2015 revenue projection made available by President Manny Mori in accordance with constitutional requirement.

 "Your committee recommends using the Revenue Projection of $66,886,705 in domestic revenue as provided by the FY 2015 Budget Book, as the Committee defers to the President for domestic revenue projections for FY 15."

Congress took the recommendation of the Committee on Ways and Means and adopted a resolution on September 24th (C.R.18-216)"setting the ceiling of the total funds estimated to be available for appropriation from the general fund of the Federated States of Micronesia for the fiscal year ending September 30, 2015". 

Congress may choose to amend the "ceiling level" through out the fiscal year depending on the tracking of actual revenue collection which is normally provided to Congress ten days before session by the Secretary of Finance and Administration. This tracking allows the President and Congress to consult on ways to utilize remaining funds, as they become available. 

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