“I have read the budget (that was transmitted to him). I will work on it this week.”
He said that he had asked the Ministry of Finance to do an analysis of the budget.When asked about how he finds the budget approved by the Olbiil Era Kelulau, Toribiong said,” generally it’s okay.”Congress approved a $58,350,987 Fiscal Year 2009 budget last week, the financial package is now The legislators mostly followed the Senate version of the budget which includes the provision asking the Palau Public Utilities Corporation (PPUC) to return $945,987 to the national treasury.Under the law, the president has 15 days to review the measure.According to the measure appropriations shall be made up of the following available revenues: The amount of $21,650,136 shall come from local revenues; the amount of $4,000,000 shall come from Compact Section 211(a) funds; the amount of $3,960,000 shall come from the Compact Section 215 Inflation Adjustment fund derived from Compact Section 211(a); the amount of $150,000 shall come from Compact Section 211(c) funds and shall be applied to subsection (4)(l); the amount of $99,000 shall come from the Compact Section 215 Inflation Adjustment funds derived from the inflation adjustment of Compact Section 211(c) and shall be applied to subsection (7)(c); the amount of $631,000 shall come from Compact Section 211(d) funds and shall be applied to subsection (8)(d) the amount of $3,000,000 shall come from Compact Section 211(f) Trust Fund Investment Earnings.Toribiong has the option to refer the bill, veto it or sign the measure into law.
