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Budget Speech - 19th REC; Minister of Finance: Galea Elvatoj
Topic Started: Nov 15 2014, 01:28 AM (128 Views)
Onissia
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Budget Speech for the XIX Regional Executive Council
House of Nobles, Crowns City

Galea Elvatoj, Minister of Finance

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To the honorable House of Nobles, to the Regional Executive Council, the High Court, to my fellow ministers; to all the citizens of Crowns City, the subjects of the monarchies of our Region, and to all the guests from abroad: It is with great honor that I, Galea Elvatoj of the Kingdom of the Islands of Onissia, present to you the Regional Budget of the 19th Regional Executive Council of the Commonwealth of Crowns as your Minister of Finance.

It is not without a slight trepidation that I accepted the post of Minister of Finance; the administration of this Commonwealth is not exactly known for its fiscal ability and record keeping. Nonetheless, I take up this challenge of bringing financial reform to this great region, and shall exhaust all my energies in making sure the Commonwealth of Crowns only moves upward and onward in growth and development. Current legislation is inadequate, lax at best, at protecting our nation's finances. I will be working fervently this term in making these laws up to date with the current standards required for our bustling economy, and together with my Onissian counterpart in the House of Nobles, the Honorable Arejnar Jouaz, we will bring forward a path to reform. I would like to thank the Honorable Secretary-General for this opportunity to help advance the region with my appointment, and I would like to thank the House of Nobles and the Regional Executive Council for its continued support. I hope to not disappoint.

Last term brought unprecedented financial growth for the region; I take great pride in announcing that revenue for this term has increased 34 percent over the last, with over ₡600 million in funds garnered. Contributions to the Commonwealth Revenue Service exceeded our expectations of half a billion crowns, thanks to the hard work of everyone in the Commonwealth. Our government also has begun to work more efficiently, bringing in a record surplus of over ₡12 million.

I would like to present the breakdown of revenue for the beginning of this term:

Commonwealth of Crowns - XIX REC Beginning Balance
Total contributions from member states₡570,375,803.00
Surplus, previous REC₡12,345,122.00
Savings, previous REC₡33,612,000.00
Interest on savings₡924,330.00
TOTAL REVENUE ₡617,257,255.00


This record amount of funds will be allocated to the development of this region, in the following budget report. My office has prepared this chart that shows the percent breakdown of the allocated portion of the budget:

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We begin with the appropriations for the Ministry of Defense:

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For this term, we have broken down military expenditures into personnel salaries and compensation, operation and maintenance, procurement of new equipment, research and development, and construction. A strong regional military has always been a priority of the administration, and the budget has been appropriated as such to ensure the continued efficiency of our armed forces under the purview of the High Commander. The budget for intelligence has also been increased by 25 percent, considering the continued presence of outside threats to the region. We have also made sure to include a considerable portion of the defense budget towards veterans benefits, as it should be our government's responsibility to make sure that the heroes of our previous wars are justly compensated for their honorable service.

Next, we move on to the House of Nobles:

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The budget for legislative functions has been increased considerably, to give representatives to the House a pool from which to fund research for drafting bills, as well as to fund any provisions for future passed legislation. The salaries for the Representatives to the House of Nobles has also been separated from the catch-all Administration cost. To recap, salaries, travel expenses and staff expenses are capped at a generous ₡15,000 per Noble.

Next, the Commonwealth Secretariat:

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The Secretary General has been allocated funds for executive functions and management, which would cover all expenses for activities that come directly from the Secretary General and that do not fall under the jurisdiction of the Ministers of Finance and the Interior, not limited to decrees and executive orders.

We go on to the Ministry of the Interior:

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There has been an increase in budget for the Disaster Management Agency's disaster relief and insurance fund, to compensate for the conflicts and disasters that have affected some of the states of our region. My office will also take action to keep this fund pool flexible in the case of future disasters.

Speaking of which, we move to the Ministry of Finance:

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Last term's allocation to "Incentives and Market Stimulus Schemes" has been split into two; In addition to the amount allocated from last term, an additional ₡5 million will be invested in Regional Development, to enhance trade and industry between our member states, as well as ₡5 million to Fiscal Operations, for stimulus and funding of the Commonwealth Central Bank.

We now move on to the Chancellery:

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As with the office of the Secretary General, the Chancellor has been allocated funds for executive functions.

Next, the Ministry of Justice:

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The judiciary has been given a boost in funding, considering the increased amount of workload the justices have encountered as of late. This increased funding will also ensure proper law enforcement throughout the region.

We move on to the Ministry of Foreign Affairs:

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As usual, this ministry gets the lions' share of the budget, and for good reason: not only do the administration of the region's colonial territories fall under this ministry, but so do the region's foreign embassies and ambassadorial functions, which are all paramount to keeping our region both secure in our allies and competitive in the global economy.

Next is our Education budget, which comprises funding to the Crowns University system:

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Education has also been given an increase in funding, as research in our regional university is the backbone of everything we are working towards. Crowns University will be able to construct additional facilities for its continuously increasing student body. I am confident that investing in our region's educational system is the most important part of this government's promise for a brighter future.

And, finally, the Ministry of Culture:

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As with all the other departments, the Ministry of Culture has received a slight boost in funding. Cultural functions will have an increased budget, as well as special allocations for this term's edition of Crownsvision and Miss Commonwealth, our two biggest cultural competitions. It is my ministry's hope that this investment in culture will remind us all of our shared heritage in the Commonwealth of Crowns.

This brings our XIX REC Budget to a total of ₡582,757,255, leaving ₡34,500,000.00, or 5.59 percent of the budget, to be invested in our regional savings. With current interest rate trends, we expect interest revenue to double for the next REC. In addition, as this term's budget allocations are generous, it is expected that our surplus would also increase for the next term, barring any major catastrophes.

Do note: The Ministry of Finance will work tirelessly in ensuring that our regional economy remains strong. There is no room for corruption and stagnation in this region; there is only room for progress and development.

Again, thank you to everyone who made this budget possible. And thank you to everyone in attendance today; it is because of all of you that our region remains strong. My office will entertain any questions and concerns about this budget; please feel free to ask anything at all. We seek to be as open as possible in the region's financial functions.

Thank you.
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