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Tinian projects over $1M budget deficit
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Posted on Mar 30 2005
The local government of Tinian reports an average tax revenue deficit of $110,000 a month, which would mean a more than $1 million budget shortage by the end of the current fiscal year.
In a March 21 report to Tinian Mayor Francisco M. Borja, municipal treasurer David Q. Maratita said that from October 2004 to March 2005, the municipality is already $660,000 behind its projected budget.
Maratita said the slowdown is partly due to the lack of visitor arrivals from China.
“This unfortunate financial trend is expected to reach over $1 million in budget shortfall by the end of the year with the discontinuation of the chartered flights by China Southern Air. Needless to say, that would result in an outstanding negative 20 percent of our entire fiscal year budget,” he said.
As such, Maratita said he would only certify funds for existing purchase orders, important contractual obligations, and employee payroll.
The municipal treasurer, at the same time, asked the mayor “to suspend or discontinue all non-essential local departments, eliminate all non-essential local expenditures and cease all non-vital local special programs until further notice.”
Tinian’s tourism is influenced mainly by Tinian Dynasty Hotel and Casino activities.
TDHC has been co-sponsoring chartered flights from China to bring in tourists and casino players but the flights were cancelled early this month. It was not immediately learned if the flights had already resumed.
