KOROR (Palau Horizon) – House Bill 8-43-3, introduced by Delegate Lentcer Basilius and others, seeks to improve financial oversight by all the state governments on how they expend funds allotted to them by the National Government annually.
Delegate Basilius believes that in light of the current economic conditions, members of the Olbiil Era Kelulau have a heightened responsibility to protect the financial health of the Republic by ensuring that the state governments be required to provide annual report at the start of each fiscal year to the Public Auditor on how allotments from the national treasury are spent.
The objective of this bill is not to penalize any state, but rather to ensure better transparency and accountability of the use of all public funds. These requirements are part of the current law under 40 PNC chapter 2, and the delegates finds a renewed urgency to see to it that public funds are properly managed in light of the upcoming Compact negotiations.
The proposal by Delegate Basilius seeks to add new provisions to the current law by providing that “any person who makes, and any person who receives a disbursement from the national treasury, in violation of the law shall be guilty of an offense punishable by not more than three months imprisonment or a fine of $1,000 or both. Such a conviction shall be cause of removal of any public official or employee.”
Delegate Basilius believes that this proposed bill if, approved, will improve financial oversight and ensure audit compliance from the State Governments and the National Government thru the provisions of 40 PNC. Basilius says “given the financial crisis facing our nation today, we need to spend our limited financial resources wisely at both the state and national level.”
