News Report – Koror, Palau, Micronesia (Oceania Television Network, August 12, 2011)

At the same time the President’s 2012 budget is under review in the Congress, the President has also submitted a 2011 Supplemental Budget.

The President has explained that at the time he submitted the 2011 budget he agreed to set the funding of the Executive Branch at levels that were insufficient to operate.

The Supplemental Budget disperses funds from four sources: monies from tax collection; interest earned on the Micronesian Conservation Trust Fund; the monies from land sale in Guam; and funds received from the National Fisheries in PNG.

All of these sources provide $1.771 million additional funds, all of which will be dispersed to the Executive Branch, except for a small supplement to the Ngardmau Free Trade Zone, the Postal Service and PCAA.

At midnight on August 11, 2011 the Senate convened and passed the 2011 Supplemental Budget and at the time of this report, the Act was being reviewed by the conference committee.

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