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Audit predicts $24.7M in DPL revenue until FY 2040
An audit on the Department of Public Land’s financials predicts that the agency would accumulate over $24.7 million in lease income from fiscal year 2017 to fiscal year 2040.
Although mere predictions, the audit released by the Office of the Public Auditor last Tuesday also stated that this amount represents the minimum lease income that the department could obtain from its authorized leases.
By the end of fiscal years 2015 and 2016, DPL raked in over $5.8 million and over $6.9 million in lease income respectively.
For fiscal years 2017 to fiscal years 2021, the audit report predicts that, at a minimum, DPL would have at least a little over $9.8 million in lease income, while the period of fiscal years 2022 through 2040, DPL would have at least over $14.9 million in lease income.
DPL, however, still has debts owed the Commonwealth government because, since fiscal year 2008, DPL had to reimburse the CNMI government for expenses paid on behalf of the department. The payment, which is disbursed to the Department of Finance, varies per fiscal year.
For fiscal year 2016 and fiscal year 2015, DPL paid Finance over $2.7 million and over $3.2 million respectively.
The amounts were not enough, according to the audit, as the DPL still owes the CNMI government a combined $2.2 million for “DPL expenses paid by the CNMI which have not been reimbursed.”
