The Commonwealth Utilities Corp.\u2019 total assets declined by about $5 million this year compared to last year.<\/p>\n
From a total of $166 million total assets in March 2003, the figure went down to $161 million during the same period this year.<\/p>\n
This was due mainly to the accumulated depreciation of CUC\u2019s plants\u2014electric, water, and sewer\u2014which were valued at $108.5 million in 2003. This year, they were valued at $104.3 million.<\/p>\n
In terms of restricted cash, CUC posted $20.3 million in 2003 and $18.4 million in 2004. Restricted cash refers to contract payments, security deposits, advances from grantor agency, and escrow fund for a contractor.<\/p>\n
CUC\u2019s current assets, which include available cash, receivables, inventory for fuel, materials, and supplies increased to $38.4 million this year from $37.2 million last year.<\/p>\n
Meantime, CUC\u2019s total liabilities increased this year to $166.5 million from $162 million last year.<\/p>\n
This includes current liabilities set at $159.8 million this year from $154 million last year and a long-term debt of $6.7 million this year from $8 million last year.<\/p>\n
Current liabilities include accounts payable to vendors, Office of Public Auditor, accrued liabilities, debt with grantor agency, loans with the Commonwealth Development Authority and related interests.<\/p>\n
CUC said that it has been in default of the repayment of four notes to CDA totaling about $61.6 million, plus related accrued interests totaling about $81.2 million.<\/p>\n
Likewise, CUC has two long-term debts totaling $7.2 million: $7.002 million with Telesource for a 10-megawatt power plant on Tinian and a $203,000 debt with the U.S. Department of Agriculture, Rural Development for water projects on Saipan.<\/p>\n
As of March 31, 2004, CUC said that it has a working capital deficiency of $122 million\u2014current assets of $38 million minus current liabilities of $160 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Commonwealth Utilities Corp.\u2019 total assets declined by about $5 million this year compared to last year.<\/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-81567","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\/81567","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=81567"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/81567\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=81567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=81567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=81567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}