FY2016 budget submitted to Legislature - KUAM.com-KUAM News: On Air. Online. On Demand.

FY2016 budget submitted to Legislature

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by Ken Quintanilla

Guam -  Bureau of Budget and Management Research submitted the Fiscal Year 2016 budget proposal to the Guam Legislature on Saturday pursuant to public law. According to the Governor's Office, the budget reflects projected gross revenues for the General Fund at 851.7 million dollars— an increase of 8.6 percent compared to FY2015.

Governor Eddie Calvo says the increase in the budget is a result of how Guam's economic growth in the last few years is expected to continue. He adds this is the fifth fiscal year a balanced budget was submitted reflective of increased funding for services for the people of Guam.

Appropriations for public health increased by 10.4 percent to 157-million dollars whereas public safety increased by 13.3 percent to 133.6-million dollars. The total appropriations for the Guam Memorial Hospital Authority increased by 87 percent over FY15 levels to 18.5-million dollars. Part of the increase is a result of the allocation to the Pharmaceuticals Fund rising from 4 to 6.9 percent. As for tax refunds, the budget sets aside 125-million dollars.

In his transmittal letter to Speaker Judi Won Pat, Governor Calvo welcomes the 33rd Guam Legislature to work with the administration to ensure Guamanians continue to benefit from Guam's continued economic growth. 

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