Flashback August 13, 2001-2003

[B]August 13, 2001

Fund’s portfolio lost $3.96 million in June[/B]

The off-island portfolio of the Northern Mariana Islands Retirement Fund went South this June, losing more than $3.96 million as the total rate-of-return slid to a negative 1.09 percent. As a result, the total losses incurred by the Fund’s off-island investments covering the period from October 1, 2000 to June 30, 2001, went up a notch to $38,269,516, representing a negative 9.61 percent rate-of-return from the start of the fiscal year.

[B]NMC anticipates higher nonresident enrollment[/B]

The Northern Marianas College projects a dramatic increase in the number of enrollees starting this academic year due to the anticipated entry of more nonresident students. The projection came following the NMC’s recent revision of tuition policy relating to nonresident students, which is expected to benefit at least 364 non-US students.

[B]NMIRF hires referral firm[/B]

With a September 1 effectivity in mind, the Northern Mariana Islands Retirement Fund on Friday signed the contract hiring a Hawaii-based medical referral firm that would handle the off-island referrals for Group Health and Life Insurance. According to Fund Administrator Juan S. Torres, he has already signed the contract and has forwarded it to Vicente Camacho, Chairman of the Fund’s Board of Trustee, for his signature. “During Thursday’s board meeting, we agreed to push for the contract’s signing as early as possible because we want it to become effective by September 1,” Torres said.

[B]August 13, 2002

Longer wait for rebates [/B]

Finance Secretary Frankie Villanueva said yesterday that the government will not be able to beat the deadline for the release of all rebate checks but, in the same breath, he assured that the entire amount would eventually be paid. As for the tax refund checks, Villanueva said that, after paying out for the scholarship checks, his department will review the government’s cash position and will hopefully release a minimum of $250,000 this week. He did not specify, though, how many checks this will translate to.

[B]Bank assets shrink 5.7 percent[/B]

In what could be a glaring impact of the controversy that hounded the Bank of Saipan, bank assets shrank 5.7 percent during the period covering March to April 2002, according to a report obtained from the CNMI Department of Commerce. Bank loans fell to $266.8 million in the second quarter of the year-at the same time when Bank of Saipan was placed under receivership-from $283 million in the quarter earlier.

[B]CPA enforces tighter cost-cutting program[/B]

The significant slowdown in airport and seaport activities is forcing the Commonwealth Ports Authority to implement additional belt-tightening measures. CPA Executive Director Carlos H. Salas said, however, that the cost-cutting measures will not hamper airport and seaport operations nor will it affect safety and security programs. Salas explained that the cost-cutting measures will be instituted to sustain the ports authority’s effective management of all airports and harbors across the Northern Marianas on a 24-7 basis.

[B]August 13, 2003

‘Balanced budget achievable'[/B]

With less than two months to go before the fiscal year ends, Gov. Juan N. Babauta said the CNMI government is close to achieving what has never been done for several years now-a balanced budget. This explains the additional belt-tightening measures that he had issued last week, which included prohibitions against purchases and contracts without his approval, he said.

[B]Over $3M needed for new classrooms[/B]

The Public School System is asking the Legislature to reprogram over $3.8 million for the immediate construction of new classrooms. Based on its latest assessment, PSS said it urgently needs the money to resolve the overcrowding in four schools: Garapan and Kagman elementary schools, Kagman High School, and Saipan Southern High School, as well as Garapan Head Start.