The president told reporters that he met members of the Olbiil Era Kelulau on Friday to discuss the budget, and stated that both have agreed with a number that will not cause further delay in the passage of the budget.
“I will sign the budget before Sept. 24,” Toribiong said. He is scheduled to leave Palau by Sept.20
The president is scheduled to address the UN assembly on Sept. 24.
Earlier lawmakers assured a timely passage of the proposed Fiscal Year 2011 proposed budget despite the two houses conflict on the financial package’s amount.
The House of Delegates last week rejected the Senate version and both houses will go into a conference committee to iron out the $4 million gap.
Under the law, President Johnson Toribiong has 15 days to review the proposed budget, the fiscal year ends on Oct. 1.
The president believes that the figure will be closer to his original proposal of $54 million.
To expedite the process, chairmen of the Senate and House Committee on Ways and Means will sit down together and come up with the numbers.
House chair Del. Secilil Elbedechel said that if it is necessary, Palau can operate under a continuing resolution for at least a month while the budget is being ironed out.
Rudimch however is optimistic that the measure can be approved before the fiscal year lapses.
He said the Senate committee would like to avoid going into a continuing resolution.
Toribiong agrees with Rudimch saying that differences can be ironed out before going to a conference committee.
The House version approved a $58.3 million budget while the Senate voted to a $51.7 financial package.
Elbedechel said the House version included Compact of Free Association funding giving Palau at least $18.2 million into their analysis.
The Senate meanwhile was anticipating that because the Compact was still under review at the time the budget was being drafted, it only projected a $15 million funding from the Compact which will be obtained from the trust fund.
The Senate also struck out the proposed taxes which the House projected to put in an additional $1 million into the government’s coffers.
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