Navy releases FY 2014 budget details

budget bookAPRIL 11, 2013 —  The Department of the Navy yesterday released its proposed $155.8 billion budget for fiscal year 2014.

Rear Adm. Joseph Mulloy, deputy assistant secretary of the Navy for budget, said at a press briefing yesterday that the Navy and Marine Corps portion of the Department of Defense budget was a $4.2 billion decrease from last year's baseline appropriation.

The budget includes a $49 billion request for operations and maintenance. This is an approximately three percent reduction, but it allows the Navy to maintain its commitment in the Middle East and the Western Pacific, consistent with the Defense Strategy.

This year's submission also supports readiness for the Navy's next-to-deploy ships and units who will be preparing for their deployments in FY14. The Navy has also increased its ship depot-level maintenance account to increase the scope and complexity of its maintenance availabilities.

The Navy has also requested $43.5 billion for ship, aircraft, weapons and other procurement for programs including Joint Strike Fighter, Littoral Combat Ship, Unmanned Aerial Vehicles, and P-8A Poseidon aircraft.

Following last year's budget for FY13, this budget includes cuts and other initiatives that will reduce planned spending across several years. The FY14 budget request does not reflect the future uncertainty associated with the implementation of sequestration as it is submitted as part of the President's balanced deficit reduction plan.

The FY 2014 proposal (see table below) funds 41 new construction ships over the FYDP. The FY 2014 submission funds eight battle force ships: two Virginia Class submarines (added one in FY14); one DDG 51; four Littoral Combat Ships; one Afloat Forward Staging Base.

shipbuilding budget 700

For all available Navy FY 2014 budget documents, go HERE

Want more? Subscribe now!

News from NASDAQ