Colonia, Yap. December 16, 2014. On November 29, 2014, the 18th FSM Congress concluded its 5th Special Session, the last for calendar year 2014, with an appropriation of $36.9 million in supplemental budget for fiscal year 2015. The Congressional Act, if it becomes law, will not only put the FSM National Budget at over $90 million for fiscal year 2015, but it will also add an additional record high $20 million dollars to the domestic FSM Trust Fund.
Of the $36.9 million appropriated under Congressional Act No. 18-232 [CD.3], $20 million was intended to supplement an earlier $10 million appropriated last September in to the domestic FSM Trust Fund – making a historic $30 million investment into the FSM Trust Fund so far this fiscal year. The bulk of this local revenue available for this appropriation came from the Corporate Tax Scheme.
If this appropriation becomes law, the FSM Congress would have appropriated over $54 million in to the Nation’s domestic Trust Fund since its establishment in 1999.
Earlier in July of this year, Congress passed Congressional Bill 18-162, now Public Law 18-74, allowing for the State governments participation on the Board of Trustees for the trust fund account. The law also established State Sub-Accounts within the FSM Trust Fund for each of the four FSM States. For more on PL No. 18-74, please refer to Standing Committee Report 18-147 on the FSM Congress website.
Congressional Act 18-232 [CD.3] also appropriated $80,000 for the 2023 Planning Committee, as well as $5 million for the 2023 Investment Development Fund. However, this Investment Development Fund cannot be disbursed until a framework is developed for appropriation.
Additionally, another $10 million was appropriated for the State Governments “Priority Infrastructure Projects” with Chuuk State getting $4.25 million, Kosrae State with $1.5 million, Pohnpei State with $2.75 million, and Yap State with $1.5 million.
Furthermore, the Act also appropriated $50,000 for each State’s Chamber of Commerce, and another $50,000 for each State’s Tourism development framework.
The other appropriations under Congressional Act 18-232 [CD.3] included among other appropriations $50,000 to the Department of Justice for a court judgment, $60,000 to the Office of E.E.M for climate change initiatives, and $340,000 for renovation of the Washington D.C. embassy building.
For more information on this and other Congressional Acts, please visit the FSM Congress Website at www.fsmcongress.fm.