The report on the audit of the Commonwealth of the Northern Mariana Islands' financial statements in accordance with the United States Office of Management and Budget (OMB) Circular A-133 for the fiscal year ended September 30, 2008 conducted by Deloit was released today, July 20, 2009. The report showed that the CNMI’s governmental activities net deficiency increased from $79.2 million to a net deficiency of $120.3 million, an increase in the deficit of 51.9%, between fiscal years 2007 and 2008.

Other Financial Highlights

• During the year, the CNMI's expenses for governmental activities were $322.3 million, including expenses recorded for payments made or due to the autonomous agencies, and were funded in part by program revenues of $111.2 million, further funded with taxes and other general revenues that totaled $170.0 million. The difference between total revenues of $281.2 million and total expenses of $322.3 million is what resulted in the $41.1 million increase in net deficiency.

• At September 30, 2008, the General Fund reported an unreserved fund deficit of $256.3 million, which is an increase in the unreserved fund deficit of 17.5% from the prior year's reported unreserved fund deficit of $218.2 million.

• For budgetary reporting purposes, General Fund actual revenues exceeded final estimates by $31.5 million or 19.2%, while reported actual expenditures exceeded final estimated appropriations by $15.1 million or 9.5%. These amounts do not include transfers to and from other funds, nor does it include the receipt or use of long-term debt proceeds.

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