6 Sep 2007

American Samoa govt tables final proposed budget for new fiscal year

5:14 am on 6 September 2007

The American Samoa government has introduced in both the Senate and House the final proposed budget for the fiscal year 2008 of 304 million US dollars.

Budget Director Magalei Logovii says that while local revenue projections are at the same level as the current fiscal year, federal grants and Enterprise Funds are forecast to increase significantly in the new fiscal year.

The Treasurer Velega Savali told Senators that actual revenues collected will fall short of projections but actual figures will not be known until the end of this month.

Senators questioned the decline in corporate taxes.

According to figures included in the budget bill, for fiscal year 2006, $12.5 million was raised from corporate taxes.

For the current fiscal year its dropping to $10.2 million and down further for fiscal year 2008 to $9.8 million.

The treasurer said one of the canneries had erroneously computed its taxes and had overpaid ASG in the last fiscal year.