Norita is hopeful gov’t is solvent, will pay major debts

Based on her new projection of CNMI revenues for the next six months of fiscal year 2023, acting Finance secretary Tracy B. Norita is more hopeful that the government is solvent and will be able to pay its major debts or that those will be satisfied.

“We are mindful that there are geopolitical activities that might affect our projections,” Norita said, which is why it is important for the Department of Finance to continue monitoring the inflow of revenue.

Norita discussed the revenue projections, among other issues, yesterday during the Senate Committee on Executive Appointments and Governmental Investigations’ confirmation hearing for her nomination to serve as Finance secretary.

“And I do hope that it stays online and that we are able to meet our obligations, especially the big ones such as the Settlement Fund, our [Group Health and Life Insurance], our payrolls,” she said.

The acting Finance secretary said they have a fiscal response team to monitor the revenues closely moving forward and make sure that they stay on track.

Tracy B. Norita

“I am confident in our financial analysis of the prior collection trends. However, when you look at projections, you are looking forward, so we have to be mindful of the other things that are happening that might impact that,” said Norita in response to EAGI Committee vice chair Sen. Donald M. Manglona’s question.

On her nomination, Norita said she is honored to have given this tremendous responsibility and task to be the Finance secretary if confirmed by the Senate. “Finance is my passion, mainly because it can be a creative space to help design the implementation of community programs and projects,” she said.

Norita said her experience in government finance since 2014 has been a wonderful one, starting at the Office of Management and Budget, and then moving over to Revenue and Taxation, working alongside “positive, hardworking, competent, and committed individuals.”

Upon her confirmation, Norita said her four-year strategic plan will include restoring the credibility and integrity of the finance processes. “We are the gatekeepers of the CNMI’s funds and hold responsibility to ensure those funds are accounted for and properly managed,” she said.

The acting secretary said she envisions a department that is transparent, being able to produce financial report in a timely manner so that the information is useful and meaningful.

Other plan is prioritizing the completion of the CNMI’s single audit on time and making progress with resolving audit findings’ implementation of corrective action plans.

Norita said she will focus on building capacity for Finance personnel. “Our work starts with the people and they need the support,” she said. Norita said training has been the No. 1 request from many of her staff.

She said she will working closely with each division director to develop a training plan that addresses key functions within their divisions to ensure capacity building but also continuity and efficiency.

Norita said staff engagement is not addressed enough and that she plans to make that part of the foundation of the department.

Lastly, she said, she will work hard to guide the Palacios-Apatang administration in making sound financial decisions through controlled spending, increase tax enforcement, and full use and compliance with federal financial assistance.

Many government officials, including Tinian and Aguiguan Mayor Edwin P. Aldan, and other members in the community testified in support of Norita’s nomination.