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Govt posts reduced long-term debt
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Posted on Sep 17 2005
The government registered a 1.49 percent decrease in long-term debt outstanding at the end of fiscal year 2003, according to the 2005 audit report of Deloitte & Touche auditing firm.
The report showed that as of Sept. 30, 2005, the CNMI had $90.2 million in long-term debt, which represents a $1.4 million or 1.49 percent net decrease from the prior year.
The auditing firm said it is due to the net effect of some $1.65 million of debt principal retirements and a net increase in accrued compensated absence of $0.29 million.
The report said accrued compensated absences totaled $8.8 million in FY 2002 and rose to $9.2 million in FY 2003.
Bonds payable, meantime, totaled $71.2 million in FY 2002 and $69.7 million in FY 2003, while notes payable totaled $11.5 million in FY 2002 and $11.3 million the following fiscal year.
Data also showed that the annual amounts needed to amortize all debt of the government would amount to total of $150.2 million by fiscal year 2030. This amount includes the payment of $81 million in principal and $69.1 million in interest.
For component units, the report showed long-term obligations’ totaling $270.1 million by fiscal year 2028. It includes the payment for the principal amount of $132.5 million and $137.6 million in interests.
