The Cabinet yesterday approved next year's proposed annual budget, with spending projected to reach NT$1.62 trillion (US$47.7 billion) and income forecast at just NT$1.38 trillion. The budget will be passed on to the Legislative Yuan for review and final approval when the legislature convenes its next session next month.
According to Cabinet Spokesman Chen Chi-mai (陳其邁), the projected expenditure represents a 2.1 percent increase compared with this year, while annual income is expected to grow by 3.3 percent.
The NT$235.5 billion shortfall and NT$60 billion in debt repayment would be covered by issuing NT$255 billion in public bonds, as well as a surplus of NT$31.1 billion from the previous fiscal year.
Of the NT$1.62 trillion in projected expenditure, NT$316 billion, or 19.5 percent of the total, will be earmarked for educational, cultural and scientific purposes.
This is followed by 17.8 percent, or NT$289.4 billion, for social welfare; 15.8 percent, or NT$256.9 billion, for economic development; and 15.1 percent, or NT$245.3 billion, for national defense.
Of the NT$316 billion budget earmarked for educational, cultural and scientific purposes, NT$77.2 billion would be set aside for scientific development projects and NT$425.6 billion for education.
A total of NT$25 billion would be used to compensate for agricultural losses resulting from the nation's entry into the WTO.
This amount, which would be exempted from the money the government could borrow, would also be covered by issuing public bonds.
The projected total income of NT$1.38 billion would come from the sale of stakes in state-run enterprises (NT$89.4 billion), government investment (NT$222.3 billion), fines and property income (NT$126.6 billion) and taxes (NT$889.5 billion).
Meanwhile, the Cabinet is scheduled to approve an additional budget request of NT$15.5 billion during tomorrow's weekly closed-door Cabinet meeting.
This amount is earmarked for dredging and reconstruction projects stemming from the flooding caused by Tropical Storm Mindulle, which killed 29 people and left 12 missing.
If passed by the legislature, the additional budget is required by law to be used up by the end of the year. The Cabinet had originally planned to request NT$17.2 billion (US$511 million).
While the Cabinet hopes the legislature will discuss the additional budget request during its extraordinary legislative session, it planned to send the annual budget proposal to the legislature for further review and final approval by the end of the month, when the lawmaking body is scheduled to reconvene.
The additional budget request was approved during the closed-door meeting where Premier Yu Shyi-kun heard briefings presented by ministers without portfolio Lin Sheng-feng (
Lin and Kuo chair task forces that have been established to handle investigations and reconstruction projects following the devastating flooding caused by Mindulle.
In addition to ordering that these two task forces be merged, Yu requested that the amalgamated body present the draft bill on land restoration and conservation (
The special bill would ban land development, road construction or repair, farming or residence in certain areas.
In addition to enacting a special law to restrict land development in mountainous, coastal and flood-prone areas, the Cabinet is mapping out incentives to residents of geologically sensitive areas to encourage them to relocate or sell their real estate to the government.
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