Andorra's military budget

[snopes]

Comment: Did the Principality of Andorra have an entire military budget of
$4.90 for the year 1962?

Pete Seeger has a song called "Andorra" which is about how much he loves
the country because supposedly their entire military budget for the year
1962 was $4.90 which they spent on blank cartridges for ceremonial
purposes. I was wondering if this is true.