The briefing was mainly on the first five years of the Compact provision regarding expenditures, unallocated funds and carry-over funds.
Yap Speaker Charles S. Chieng opened the meeting which was attended by Yap Gov. Sebastian Anefal and other legislative leaders.
Also attending the briefing were Beyan of the Council of Pilung and Pius Talimeisei of the Office of Planning and Budget.
In his briefing, O’Keefe stated that Yap has a stable economy compared to the other FSM states although there was a huge loss of jobs after the closures of the garment factories in Yap few years ago.
He also reported that even if Yap among other FSM states, including the national government, has the best budget process it is still having a problem with the carry-over funds.
He said Yap has used all that has been appropriated, but the other states and the national government did not spend much, which is why there has been a huge amount in the carry-over from fiscal year 2008.
