An audit on the entire CNMI government covering fiscal year 2016 that came out last week disclosed that general fund revenue for the year exceeded estimates by nearly $21 million.<\/p>\n
The audit, conducted by Deloitte & Touche for the Office of the Public Auditor, stated that fiscal year 2016 general fund revenue was \u201chigher than final estimates\u201d by $20.8 million, or 11.4 percent.<\/p>\n
In contrast, actual expenditures exceeded final estimated appropriations by $17.9 million, or 9.8 percent, the audit report stated.<\/p>\n
The audit specified that these amounts excluded transfers to and from other funds as well as the receipt or use of long-term debt proceeds.<\/p>\n
Final revenue estimates for fiscal year 2016 were at $182.7 million but, according to the audit report, the general fund actual revenues for fiscal year 2016 was at $203.0 million, with a difference of $20.8 million or 11.4 percent.<\/p>\n
While this may seem like good news, the audit also noted that general fund expenditures exceeded appropriations by $17.9 million, or 9.8 percent due mainly to \u201cunanticipated expenditures.\u201d<\/p>\n
Included in the unanticipated expenditures list is $2.9 million that went to the Department of Public Safety; the payment of $4.3 million to the Government Health and Life Insurance Trust Fund for employee benefits; Medicaid expenses and medical referrals amounting to $8.5 million; and disaster expenditures amounting to $3.3 million.<\/p>\n
The audit concluded that, at the end of fiscal year 2016, the CNMI\u2019s General Obligation Bonds went down, from $84.78 million in fiscal year 2015 to $80.48 million at the end of fiscal year 2016\u2014a reduction of $4.3 million.<\/p>\n
Deloitte & Touche is upbeat about the CNMI\u2019s economic activity, saying the \u201ctemporary gaming facility\u201d would \u201cinfuse additional revenue into the economy well in advance of the project.\u201d<\/p>\n
\u201cThe positive financial impact of the casino and electronic gaming industry in such a short period of time has been dramatic. It is expected that this positive impact will continue and be reflected in future budgets,\u201d the audit reported.<\/p>\n","protected":false},"excerpt":{"rendered":"
An audit on the entire CNMI government covering fiscal year 2016 that came out last…<\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[17942,26,3230,508],"class_list":["post-258184","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-audit-govt","tag-cnmi","tag-deloitte-touche","tag-fy"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/258184","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\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=258184"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/258184\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=258184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=258184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=258184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}