On Wednesday May 15, 2014 President Tommy Remengesau Junior signed the supplemental budget for fiscal year 2014 into law.
This budget will cover expenses of the national government until the end of the fiscal year in September.
During his weekly press conference, the President signed the supplemental budget along with two other legislations recently passed by the Olbiil Era Kelulau.
In exercising his constitutional authority, the President reduced the Congress’ approved $1,091,000 supplemental budget to $861,000 by removing the proposed $50,000 funding to his office including $40,000 to the Office of the Vice President.
In his transmittal letter, the President reiterated the need to balance the Republic’s budget.
“As a responsible government we must spend the people’s money wisely and effectively”, he states. Adding, “This means balancing our budget, practicing disciplined spending habits, and as much as possible setting aside funds as a reserve for use in case of unforeseen circumstances.”
In addition to the budget, the President signed the legislation that increases the penalty for illegal burning of land and woods. This legislation increases the current penalty from $100 to $1,000.
The President also signed the legislation that establishes the Giant Clam Seed Sustainability Project Fund within the National Treasury.
This revolving fund is aimed at promoting and increasing the population of cultured clams, providing assistance to clam farmers as well as restocking the wild clam population that has been decreasing in an alarming rate.
The signing of these bills was held at the President’s office in Meyuns and witnessed by a number of representatives from related agencies.
