The KSL transmitted to the Committee the proposed 2010 budget for further review.
KSL Speaker Eyos Rudimch said that on March 3 the proposed budget was transmitted to Gov. Adachi,after it was approved on the second and the final reading during egular session last week.
He said that under the law, the governor has 10 days to review the proposed bill . If he does not refer back it to the KSL within the prescribed period then it automatically becomes a state law.
However, on March 9 the proposed bill was sent back to the KSL.
The $6.8 million proposed budget of Koror State of 2010 is higher than the $6.5 million budget in 2009.
Meanwhile, the proposed measure to authorize and appropriate five percent of the fees collected for Rock Island use permits and for Jellyfish Lake use permits to be deposited in a segregated account was also sent to the Committee on Ways and Means after it was approved by the KSL on the first reading.
Rudimch said they forwardedLB No. 9-7 to the committee for further study.
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Under the proposed bill, five percent of the fees collected each year for rock island use permits and Jellyfish Lake permits will be deposited into a reserve fund which will remain in the State treasury until authorized and appropriated by law.
This reserve fund can only be used for unforeseen contingencies, natural disasters or for other emergency purposes as determined by the law.
The funds required to be deposited, according to the measure will be deposited on a quarterly basis within 15 days of the close of each quarter. The deposits will be made on or before April 15 for the revenues received during the first quarter of the fiscal year by July 15 for the revenues received during the second quarter of each year, by October 15 for the revenues received during third quarter of each year, and by January 15 of the following year for the revenues received during the fourth quarter of each year. The first quarterly deposit shall be made on or before April 15, 2011.
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