Administration meets deadline for FY2014 budget

The 32nd Guam Legislature will now have the task of reviewing the Fiscal Year 2014 Budget proposal. According to a press release from the Governor's office the proposal calls for a 13% increase in funding for tax refunds.

The following agencies received an increase from their current levels:

Guam Police Department: $1.2M

Guam Fire Department: $2.4M

Department of Corrections: $0.7M

Guam Memorial Hospital: $0.3M

DMHSA: $1.3M

DISID: $0.3M

According to the proposed FY14 Budget the gross General Fund revenue level is set at $702.4 million which is close to a 2% increase over the current fiscal year.

Here's a breakdown of where the $702.4M will be distributed:

$113M off the top goes to tax refunds

$11.5M reserved to pay down the deficit

$43.4M to pay off debt service

$534.6M remaining (including set-asides for other purposes such as tax credits) is appropriated for operations

The proposed FY2014 budget does not include funding for increments, the Hay Plan, or the remaining 20 percent for law enforcements, "At this time the government cannot afford to implement these pay adjustments while outstanding debt to employees and vendors remain in the deficit," a release stated.