THE Senate and the House of Representatives in separate sessions on Thursday adopted House Concurrent Resolution 23-2 reducing to $163.4 million from $172.5 million the government’s projected total revenue resources in fiscal year 2024.
The House approved the concurrent resolution at 10 a.m., with all 16 members present voting yes.
Reps. Roy Ada, Thomas J. Manglona, Joseph Flores and John Paul Sablan were excused.
The Senate adopted the resolution during its session at 1 p.m., with all seven members voting yes.
Sens. Jude U. Hofschneider and Dennis Mendiola were excused.
According to the final version of the concurrent resolution, Gov. Arnold I. Palacios’ total projected resources in the amount of $172.5 million included approximately $9.1 million that will be generated by a proposal to increase business gross revenue tax, which has not been enacted by the Legislature.
Until such time that the BGRT increase becomes law and is collectible, the total revenue resources available in FY 2024 is $163.4 million, the concurrent resolution stated.
It added that the Legislature must also suspend certain earmarks to make those funds available for appropriation.
According to the concurrent resolution, the projected revenue available for appropriation in FY 2024 is $114.2 million.
Members of a bicameral conference panel have agreed to suspend all earmarks except for the following:
• $4.5 million hotel occupancy tax for the Marianas Visitors Authority.
• $3.6 million debt service or bond payment.
• $34 million for the Settlement Fund.
• $2.8 million for pension obligation bond payments.
• $822,000 payment for the Marianas Public Land Trust loan.
