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OPA: NMI finances improved in FY 2018
The Office of the Public Auditor’s single audit on the CNMI government’s finances in fiscal year 2018 saw an improvement from where it was in 2017, marking the second year in a row that the numbers have shown an improvement.
The OPA, in its annual single audit on the CNMI government for fiscal year 2018, noted a significant decrease in deficit net position of over $10 million.
“For the fiscal year ended Sept. 30, 2018, the CNMI improved its net position by 16.9%, or $10.5 million, to a lowered deficit net position of $51.5 million,” said the OPA report, which was recently released. “…The results indicate that the CNMI’s financial condition, as a whole, improved another year.”
During the fiscal year, CNMI expenses for governmental activities were approximately $379.9 million, which included expenses payments made or due to autonomous agencies.
“These expenses were funded in part by program revenues of $130.7 million and general revenues of $277.6 million. The difference between total revenues of $408.3 million and total expenses of $397.9 million improved the CNMI’s deficit net position by $10.5 million,” the OPA report said.
While deficit net positions went down, OPA noted an 81% increase in unassigned fund deficits in fiscal year 2018.
“At Sept. 30, 2018, the general fund reported an unassigned fund deficit of $80.3 million. This is in 81% increase from prior year’s $44.3 million fund deficit,” the report stated.
Additionally, OPA further reported that budgetary projections were in line with actual numbers, even more than projected.
“…Actual expenditures were higher than final projected estimates by 13.7%, or 31.6 million,” OPA reported, adding that transfers to and from other funds and long-term debt proceeds were not included in calculations.
For those interested in looking at the 105-page report, it is available on the OPA website at www.opacnmi.com.
