Taipei City's FY115 Supplementary Budget Approved, Utilization of Past Fiscal Surpluses Halved

The Taipei City Government's Department of Budget, Accounting and Statistics announced that the first supplementary budget proposal for FY115 has been discussed and passed at today's municipal meeting and will be sent to the City Council for deliberation. The net increase in revenue is NT$45.69 billion, and the net increase in expenditure is NT$34.266 billion. After offsetting revenue and expenditure, the surplus is NT$11.424 billion. After deducting NT$3 billion for debt repayment, the revenue and expenditure surplus totals NT$8.424 billion. The Department of Budget, Accounting and Statistics informed CNA reporters that the original FY115 total budget planned to utilize NT$16.901 billion from the previous year's fiscal surplus. After deducting the aforementioned NT$8.424 billion surplus, the utilization amount can be reduced to NT$8.477 billion. The FY115 Taipei City first supplementary budget proposal submitted to the City Council today has 5 key points, several of which are related to the revision of the Fiscal Revenue Sharing Law. First, the Finance Department, based on central government approvals, has a net increase in revenue budget of NT$39.18 billion, including 3 items. The first two are related to the revision of the Fiscal Revenue Sharing Law, including an increase of NT$46.305 billion in ordinary revenue sharing taxes for FY115 and a decrease of NT$9.981 billion in general subsidies for FY115. The third item is a net increase of NT$2.856 billion in inheritance and gift tax, tobacco and alcohol tax, and vehicle fuel use tax for FY115, with an increase in inheritance and gift tax and decreases in the latter two items. Second, the net increase in revenue and expenditure budgets for special subsidies and project-based subsidies from the central government to the city government is NT$5.986 billion each. The Department of Budget, Accounting and Statistics pointed out that after the revision of the Fiscal Revenue Sharing Law, special subsidies for general revenue sharing have been added; previously, there were only general subsidies and project-based subsidies. Third, the central government has allocated special revenue sharing taxes and general subsidies to the city government for related designated projects, with an increase in revenue budget of NT$0.519 billion and an increase in expenditure budget of NT$0.516 billion. The Department of Budget, Accounting and Statistics pointed out that this is a simple change in amount. Fourth, in response to the central government's reduction (cancellation) of subsidies and special revenue sharing taxes to the city government, it is necessary to increase self-raised funds, totaling an increase in expenditure budget of NT$6.345 billion. The Department of Budget, Accounting and Statistics explained that after the revision of the Fiscal Revenue Sharing Law, ordinary revenue sharing taxes have increased compared to before, which is why other subsidies have been reduced. Fifth, to meet the city government's important policy and operational needs, the revenue budget has been increased by NT$0.005 billion; the net increase in expenditure budget is NT$21.419 billion, including NT$9 billion for MRT construction, NT$3.8 billion for renovation of aging school buildings, NT$935 million for free school lunches for national elementary and middle school students, and NT$4.62 billion for teachers in public elementary, middle, and high schools who also serve administrative roles. NT$4 billion has been allocated to the housing fund to facilitate the subsequent acquisition of integrated housing units for MRT stations, and NT$3.54 billion is insufficient for the renovation of the Chenggong Market, and NT$2.39 billion is insufficient for expanding the use of senior and care cards. (Editor: Zhang Yajing) 1150407