Independent auditor Dave Burger gave the Public School System a rating of eight out of 10 in terms of handling its finances since fiscal year 2016. <\/p>\n
Burger is the managing partner of Burger Comer Magliari LLC, the firm that has been auditing PSS in the last three years.<\/p>\n
In his presentation last week at the CNMI Board of Education meeting on Capital Hill, Burger said PSS has a strong balance sheet with lots of assets and little debt.<\/p>\n
In an interview with reporters later, he said that appropriations and federal grants helped PSS\u2019 financial standing. \u201cThey are a solid eight. They have a strong financial statement, certainly helped by the supplemental appropriation of $10 million.\u201d<\/p>\n
\u201cThe CNMI government\u2019s appropriations and federal grants went up. [CNMI] revenues were up and that helps everything. It allows [PSS] to spend more and still have cash left over.\u201d<\/p>\n
He added that PSS was also on time in settling some of its outstanding balances, except for compensated absences. \u201cThey [PSS] do not have any loans but [have] regular accounts payable, just like any other entity.\u201d<\/p>\n
\u201cThey do have liability for compensated absences\u2014annual and sick leaves. It is on the books, about $3 million. I think they are current with their [Commonwealth Utilities Corp.] payments. There was an appropriation that allowed them to clear out their balance.\u201d<\/p>\n
Burger said that aside from that, PSS has clean reports. \u201cThey are on top of it and so far everything is in good standing as long as the [economic] activity keeps up,\u201d added Burger.<\/p>\n
He added that the CNMI government is on time with the budget. \u201cThe federal agency [money] came in a few days after Sept. 30. They have no bad debts. Overall, they have clean reports on everything\u2014internal control and compliance, and federal programs.\u201d<\/p>\n
The supplemental appropriation of more than $10 million early this year also allowed PSS to spend more money in construction and repairs of other facilities. PSS, based on the audit report, has $87 million in total assets and $7.6 million in liabilities.<\/p>\n","protected":false},"excerpt":{"rendered":"
Independent auditor Dave Burger gave the Public School System a rating of eight out of…<\/p>\n","protected":false},"author":48,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[20,182,21693,40],"class_list":["post-278743","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-budget","tag-capital-hill","tag-dave-burger","tag-pss"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/278743","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\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=278743"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/278743\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=278743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=278743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=278743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}