The House of Representatives on Tuesday, July 18, unanimously approved the amount of US$563,563,423 for the 2017/2018 Fiscal Budget.
The Executive Branch earlier submitted the budget on May 21, about two months ago, to the Legislature.
Plenary’s decision was based on recommendation from the House’s Joint Committee on Ways, Means and Finance and Development Planning and Public Accounts and Expenditures, chaired by Representative Prince K. Moye of Bong County.
Rep. Moye is also the chairman on the Joint Committee on Ways, Means and Finance and Budget and Public Accounts of the House of Representatives and the Senate.
In a report to the House plenary, the committee noted in its recommendation that though the amount initially submitted by the Executive was US$526,548,000, over US$37 million (US$37,015,432) was identified as additional and unencumbered revenue.
This followed vigorous and thorough scrutiny (Monday, June 5 to Tuesday, July 11) involving the Ministry of Finance and Development Planning, representatives of line ministries and agencies, the Liberia Revenue Authority, and members of the public.
“Of this amount, US$12 million is considered as contingent revenue comprising tax, non tax, and the World Bank Millennium Challenge Corporation Road Fund. US$25 million goes as a core revenue comprising tax, non tax and the World Bank Millennium Challenge Corporation Road Fund,” the report said.
Rep. Moye said in his report that the over US$37 million identified as additional and unencumbered revenue increased the total adjusted revenue from US$526,548,000 to US$563,563,423 or L$61.4 billion, at the exchange rate of L$109 to US$1.
In its report, the committee provided details on the breakdown of the additional amount of revenue captured during the budget proceedings.
It also explains that the additional amount of US$37 million identified in revenue considers critical needs in the areas of justice and security, health, education, infrastructure and judiciary, and the pending 2017 representative and presidential elections.