The Commonwealth Utilities Corp. failed to meet its projected revenue of $27.9 million in the second quarter of fiscal year 2019 because of Super Typhoon Yutu\u2019s devastation.<\/p>\n
CUC budget officer Corina Magofna disclosed that the agency\u2019s expected earnings in the second quarter was short by $8.3 million due to the restoration efforts in the months of January, February, and March this year.<\/p>\n
Yutu devastated Saipan and Tinian last Oct. 24 and 25.<\/p>\n
\u201cFor operating expenses, we underspent by a million dollars,\u201d said Magofna in her presentation about CUC\u2019s financial updates during CUC\u2019s board meeting last Wednesday.<\/p>\n
CUC\u2019s projection for personnel and operating expenses and capital outlays was $27.8 million for the second quarter, but it spent only $26.8 million.<\/p>\n
On the status of Yutu expenses as of March 31, 2019, Magofna said they recorded a total of $16.9 million worth of expenses. <\/p>\n
\u201cOut of that, we already paid $15.5 million to our vendors,\u201d she said.<\/p>\n
That means CUC still owes its vendors $1.36 million.<\/p>\n
Out of the $16.9 million in CUC expenses for Yutu, it already asked the Federal Emergency Management Agency $9.7 million in reimbursements, Magofna said.<\/p>\n
Out of that $9.7 million, CUC has already been paid $6.3 million.<\/p>\n
Magofna said they are also expecting to receive this month $4.3 million in FEMA reimbursement from Typhoon Soudelor, which hit the CNMI in August 2015. <\/p>\n
\u201cWe are just waiting on FEMA to give us the payment,\u201d she said.<\/p>\n
She said they did receive last April 15 FEMA reimbursement for water system mitigation totaling $228,000. <\/p>\n
CUC has a budget of $122 million this fiscal year. <\/p>\n
At the end of second quarter, CUC spent 44 percent or $53 million out of that budget, Magofna said, leaving a balance of $68 million for the remainder of the fiscal year.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Commonwealth Utilities Corp. failed to meet its projected revenue of $27.9 million in the…<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[49],"class_list":["post-298372","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-cuc"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/298372","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\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=298372"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/298372\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=298372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=298372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=298372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}