[Yap State News Brief] FSM State Governors Contacted Regarding New Compact Funds Division Formula
Resource: Yap State News Brief, Oct 17, 2013
PALIKIR, FSM (FSMIS, Oct. 15, 2013) — Federated States of Micronesia President Manny Mori made available to the Governors of the four States in the FSM, through an October 9th communication, further details on the modified distribution formula for Compact grants, which became law thirty-one days ago as FSM P.L. No. 18-12.
The new distribution lowers Compact funds share for the National Government to 5%, instead of the previous 10%, and increases the shares for the States in the following.
|State||previous division||new division|
IT was made known that the total amount of Compact Sector grant for fiscal year 2014 is$81,111,840.
Under the new funds division, the FSM Government should expect no more than $4,055,592.
The States could count on receiving these amounts:
- Chuuk State: $32,533,959
- Pohnpei State: $21,673,084
- Yap State: $13,521,344
- Kosrae State: $9,327,862
As not all Compact funds for FY2014 have been allocated, the President indicated to the Governors that the Office of SBOC “will be coordinating with the OIA (Office of Insular Affairs) and the US JEMCO members to clarify the next steps for accessing the FY2014 funds that have yet to be allocated”.