Marshall Islands Considers $124M National Budget
Finance Minister Jack Ading introduced a $124.5 million budget into Nitijela (parliament) and the Nitijela is taking a three week recess to hold public hearings on the fiscal year 2009 package.
The fiscal year 2009 budget is about $1.2 million more than the FY2008 budget.
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The General Fund (which includes a $4 million contribution from Taiwan) is estimated to generate $33.2 million this coming year, down slightly from FY2008. The General Fund is largely generated from local taxes, fishing revenue and ship registry proceeds.
Special revenue funds, including the Health Care Fund, are expected to produce about $6.8 million for FY2009.
As in recent past years, the Ministries of Health and Education budgets are the largest, with Health pegged at $21.9 million and Education $21.8 million.
Next big budget items include:
• Kwajalein landowners rent, $17.1 million.
• Capital fund (Compact funding), $11.4 million.
• Trust fund contribution, $10.8 million.
• Special appropriations (covering Majuro landowners electricity, $730,000; ADB loan repayment, $1 million; Marshall Islands Shipping Corp. subsidy, $1 million; government utility bills, $794,000; copra subsidy, $500,000; land leases, $578,000; and other items), $6.1 million.
• Capital fund (Taiwan funding), $5.25 million.
• College of the Marshall Islands, $4.2 million.
• Ministry of Justice, $3.2 million.
The new fiscal year starts on October 1.
