The proposed budget for 2011–2012 amounts to 5.1 quadrillion rials (approximately $416 billion). The funding for running the government has been decreased by 5.6 percent and the government's tax revenues have been envisaged to rise by 20 percent. The defense budget shows an increase of 127 percent. The government also is seeking higher sums for development, research, and health projects. Approved budget of 5,660 trillion Rials $477 billion is based on an oil price of $85 per barrel and the average value of the U.S. dollar for the fiscal year has been projected to be 12,260 rials, allowing the government to gain $53.8 billion from subsidy cut. The approved total state budget figure shows an 11% increase in Rial terms, in comparison to the previous year's budget. Of this amount, $134 billion relates to the government's general budget and the remaining $343 billion relates to state-owned companies and organizations. Of the $134 billion for the government's general budget, $117 billion relates to operating expenditure and $17 billion is for infrastructure developments. The government's general budget for 2012–13 shows a 3.5% decline in comparison to the previous year, while the budget for state-owned companies and organisations has risen by 18.5%. Revenues from crude oil make up 37% of the state's total revenues in the budget. Revenues from taxes have been projected at 458 trillion Rials ($37 billion), which shows a 10% increase year-on-year. In the first half of 2012, Iran announced in Majlis that it has taken in only 25% of its budgeted annual revenue. According to Apicorp, Iran needs oil to average $127 a barrel in 2012 for its fiscal budget to break even.