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MVA posts $9.9M revenue in 2014
The Marianas Visitors Authority posted total revenue of $9.9 million from its share of the hotel occupancy tax in 2014 for a modest 6-percent gain compared to 2013.
A report from the Office of the Public Auditor also said MVA’s assets exceeded liabilities by $7.7 million in 2014 and $5.7 million in 2013.
The increase is being attributed to a spike in tourist arrivals on a year-to-year basis.
The OPA report, released Tuesday, said total tourist arrivals reached 443,963 in 2014, compared to 433,925 in 2013 for a 2-percent increase.
The report also highlighted an increase in marketing expenses from its $9.2 million budget for 2014.
Total expenditures for 2014 reached $7.9 million while total expenditures for 2013 reached $6.3 million. The increase showed a steady upward pattern from the $5.9 million total expenditure in 2012. Most of the spending is allocated for marketing and promotions.
Another key highlight of the OPA report is the “zero” bad debt of the MVA in the last two years.
The MVA also got bigger funding from Department of Finance due to an increase in the hotel occupancy tax from 10 to 15 percent.
Overall, the OPA report noted that “MVA continues to manage and administer its funds in a responsible and transparent manner.”
