{"id":17412,"date":"2011-09-07T05:15:41","date_gmt":"2011-09-07T05:15:41","guid":{"rendered":"http:\/\/newspaper.ctsi-logistics.com\/?p=17412"},"modified":"2011-09-07T05:15:41","modified_gmt":"2011-09-07T05:15:41","slug":"pss-assets-dip-by-8-7-million-last-fiscal-year","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/pss-assets-dip-by-8-7-million-last-fiscal-year\/","title":{"rendered":"PSS assets dip by $8.7 million last fiscal year"},"content":{"rendered":"<div>By Moneth Deposa<br \/>\nReporter<\/div>\n<p>An independent audit on the CNMI Public School System showed that its net assets declined by $8.7 million last fiscal year.<\/p>\n<p>According to J. Scott Magliari, the decline in PSS&#8217; net assets from $79.253 million in fiscal year 2009 to $70.543 million in fiscal year 2010 was caused primarily by the accrual for unfunded retirement contributions amounting to $5.3 million, accrual of unpaid compensated absences of $429,000, and excess expenditures of $2.1 million over its revenues.<\/p>\n<p>Based on fiscal year 2010 audit report, PSS had net assets of $79.253 million in the beginning of the fiscal year. It also had only $75.287 million in total revenue compared to its operating expenses of $83.569 million.<\/p>\n<p>In fiscal year 2009, the system started with $86.437 million in net assets and recorded $64.720 million in revenues. Its expenditures, amounting to $72.999 million, also exceeded revenue. PSS ended the fiscal year with $79.253 million in total net assets.<\/p>\n<p>In terms of revenue, PSS recorded a significant increase-from 2009&#8217;s $64.7 million to $75.2 million in 2010-because of funding it received through the American Recovery and Reinvestment Act.<\/p>\n<p>Records show that in the past 10 fiscal years, federal funding received by PSS continues to increase while its local funding support significantly declined from $37 million in 2001 to $36.7 million in 2007. Local appropriation continued to decrease, reaching $31.2 million in 2010. This is a 16-percent decline-a drop of $6 million-from the 2001 to 2006 appropriation.<\/p>\n<p>The following are the combined funding received by PSS from the central government and federal agencies during the 10-year period:<\/p>\n<p>* 2001: $54.2 million<\/p>\n<p>* 2002: $55.2 million<\/p>\n<p>* 2003: $60.2 million<\/p>\n<p>* 2004: $60.7 million<\/p>\n<p>* 2005: $63 million<\/p>\n<p>* 2006: $66.5 million<\/p>\n<p>* 2007: $65.3 million<\/p>\n<p>* 2008: $65.3 million<\/p>\n<p>* 2009: $63.8 million<\/p>\n<p>* 2010: $72.9 million<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Moneth Deposa Reporter An independent audit on the CNMI Public School System showed that&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17412","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/17412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=17412"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/17412\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=17412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=17412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=17412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}