Reyes, R-Saipan, sponsored Senate Resolution 17-12, which the senators adopted recently.
“With the continuous economic decline in the commonwealth, revenue generation for the operations of the commonwealth is in jeopardy and as a result, government services and programs, as well as government employment will be directly affected by such revenue shortfalls,” he said.
He said there is a possibility of a government shutdown unless a balanced budget is enacted.
A budget summit will allow for fresh ideas to help the government find solutions to its financial problems, he said.
“Because of the adverse effects potentially facing the commonwealth, it is necessary to take constructive actions to prevent such a predicament from occurring…convening a budget summit is possibly the most feasible and effective method that will assist the commonwealth government in shaping strategic priorities and possibly streamlining the budget process to prevent a shutdown in government services and curtailing the effects of the revenue shortfalls,” the senator said.
The government’s projected revenues for the current fiscal year dropped to $137 million from $150.5 million.
Fiscal Year 2011, which starts on Oct. 1, is projected to be tougher with just $132 million available for the government during the 12-month period.
