By: L.N. Reklai
July 20, 2017 (Ngerulmud, Palau) Office of the President transmitted FY 2018 Annual National Budget bill to both Senate and the House during their Third Regular Sessions of $86 million dollars.
The submitted bill identifies $88 million in anticipated revenue for 2018 but appropriates $86.1 million. [restrict]
In his transmittal letter Remengesau stated that in light of anticipated funding issues such as financial shortfall facing PPUC, unfunded liability of Civil Service Pension Plan, the appropriation is reduced in order to ensure balance budget.
The bill proposes changes to Social Security contributions in order to address the growing gap between contributions and benefit payments.
Subsidies for power, water and sewer are also included in the budget bill for FY 2018.
Other new costs include 2018 Micronesian Games, Civil Service Pension Plan Actuarial Study, funding for Phase II of the New Correctional Facility, and procurement of the new Financial Management System for the national government.
The bill was introduced as Senate bill 10-68. [/restrict]
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