The Executive Yuan yesterday tentatively approved the central government's budget for the next fiscal year.
According to the budget bill, projected expenditures are NT$1.57 trillion, down NT$1.2 billion from the current fiscal year. If projected revenue of NT$1.299 trillion is realized, there would be a deficit of NT$271 billion.
National defense would be the top spending item, at NT$261.6 billion, up NT$600 million from this year. Spending on education, at NT$192 billion, is almost unchanged.
Spending on the six-year national development project is expected to be NT$156.8 billion.
The budget bill will proceed to the Legislative Yuan for further review and final approval when the legislative body reconvenes in September.
According to Lin Chuan (
"We don't rule out the possibility of further cutting miscellaneous spending, such as travel expenses, overtime pay and maintenance fees, if all the other measures fail to raise NT$35.2 billion to make up the shortfall," he said.
Lin added that the NT$1.2 billion decrease in projected expenditures was a result of the decline in estimated revenue.
"Tax revenue has decreased by nearly 40 percent, or NT$111 billion, compared to last year," Lin said. "The shortfall in personal and business income is most likely a result of last year's economic recession, factory closures, rising unemployment and tax-cutting measures, as well as compensation for the victims of natural disaster," he said.
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