Guam – The biennial budget bill is no more. The budget bill is now an annual budget bill for fiscal year 2018.
The measure, which was introduced by Speaker B.J. Cruz, would’ve appropriated money for both fiscal years 2018 and 2019. However, during session last night(Thurs.) Senator Fernando Estevez made a motion to make the budget a single year budget. The motion carried. Senator Estevez says that he made the motion because he was concerned about the ability to properly forecast revenues for fiscal year 2019.
“I discovered that their formulas would not work to forecast an FY19 budget therefore if we entertain a biennial, an FY19 projected revenue would be near impossible,” said Senator Estevez.
Although Senators are only focusing on FY18 they are still working with the FY18 portion of Speaker Cruz’s budget.