The Legislative Yuan today approved a NT$6 trillion (US$184.77 billion) central government subsidiary budget for this fiscal year.
The budget covers state-run utilities and funds, for a total of 119 different entities.
According to the Executive Yuan’s proposed operating and non-operating subsidiary budgets, the total projected revenue is NT$6.8074 trillion, while expenditures total NT$6.7634 trillion.
Photo: Taipei Times
This budget is based on established policy objectives and goals, allowing state-owned enterprises to function, and allocates resources for special non-operational funds to meet government priorities.
The Budget Act (預算法) requires the general budget proposal to be approved by the Legislative Yuan one month prior to the beginning of a new fiscal year, then announced by the president 15 days prior to the beginning of the new fiscal year.
If a budget is not approved prior to those deadlines, the Executive Yuan can continue with the prior year’s budget, but it cannot allocate funds for new capital expenditures or plans.
The approved budget for state-owned enterprises is similar to the original proposals.
However, legislators did scrutinize the national utilities budget, agreeing to remove NT$250 billion allocated to Taiwan Power Co for thermal power generation.
The legislature came close to the deadline to pass the bill, with lawmakers proposing a total of 782 budgetary cuts or freezes.
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