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Government House: Revenues, Expenditures Down

During the first seven months of the current fiscal year, both revenues and expenditures are down when compared to the same period the previous year, Government House reported in a news release Saturday.

Government House released a summary of revenues and expenditures for the first seven months of the current fiscal year, October 1, 2012 – April 30, 2013. Those figures can be seen here.

“All indicators portray that we are holding our own as long as we continue to control expenses and remain consistent in our revenue collection efforts,” Gov. John deJongh Jr. said, explaining that the concern is the additional cash obligations required by government during what is the slowest economic cycle.

“We were previously able to meet these obligations given our access to borrowings, however, at the present time, we don’t have this flexibility and absent this alternative, there is a need to make some temporary adjustments,” de Jongh said.

The revenue numbers were supplied by the Department of Finance to senators and the Senate post auditor, who has real-time access to all financial data.

DeJongh also pointed out that in the first seven months of this fiscal year expenditures were down some $32 million dollars, or about 8 percent, compared to the same period in 2012.

“Between now and September 30 we will continue to hold the line on expenditures," the governor said. "The three proposals I sent to the Legislature earlier this week are designed to bridge the approximate $19 million dollar shortfall that we project for this fiscal year."

However, he continued, he is "more than willing" to accept a counter proposal from the Senate has "if it can generate the cash needed to pay these expenses within the July payroll cycle and through the end of the fiscal year.”

DeJongh said there are no easy solutions to the territory’s financial challenges, and issued a thinly veiled jab at the lawmakers who balked at his proposals last week.

“Given the number of senators that have come out against my proposals with such personal attacks, I am confident they will have a more palatable and credible plan. As always, we are ready to work with them once they share their proposals with us."

The public can access the most recent revenue collections by the Bureau of Internal Revenue the agency’s website, www.vibir.gov and other government financial data can be accessed at the Department of Finance’s website at www.usvifinance.info.

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