|
Release Date |
Year |
|
8/22/07 |
PSS FY 2006
Financial Audit Released For
FY06, the CNMI Public School System showed a positive increase in total net
assets of $4.8M or 5.9% over the prior year of $81 million. This is
according to an independent audit conducted by J. Scott Magliari and
Company. Increases in cash and cash equivalents of $1.01M, receivables from
the CNMI of $1.2M and $5.3M of net capital assets, contributed to the
increase. Liabilities, however, increased about $517K from $8.2M in FY05 to
$8.7M in FY06 due to increases in vouchers payable and deferred revenue.
Click here to
read OPA's Executive Summary of the Single Audit report.
Click here to
read the full Single Audit report.
|
|
8/20/07 |
NMC FY 2006
Financial Audit Released The
Northern Marianas College received $81 thousand less in Federal Grants for
FY06 or $5.72M compared to the previous year of $5.80M. This is according to
an audit conducted by Deloitte and Touche. Federal grants are one source of
revenues for the college. Other revenues include private gifts and donation
which also decreased by $20 thousand from $93K in FY05 to $73K in FY06 while
student tuition and fees increased $230 thousand from $813K in FY05 to
$1.043M in FY06.
Click here to
read OPA's Executive Summary of the Single Audit report.
Click here to
read the full Single Audit report. |
|
8/9/07 |
CGECU FY 2004
Financial Audit Released The
Commonwealth Government Employees’ Credit Union’s Net Assets Plunge $.9M.
For calendar year 2004, total liabilities exceed total assets by $946,816.
Consequently, total Net Assets are negative. This is according to an
independent audit conducted by Deloitte and Touche. Other assets significant
to the Credit Union are in its cash and cash equivalents and receivables
which constitute a majority of its member loans.
Click here to
read OPA's Executive Summary of the Single Audit report.
Click here to
read the full Single Audit report. |
|
8/9/07 |
MPLT FY
2006 Single Audit Released
Combined assets for the Marianas Public Land
Trust decreased slightly by about $196K from $68.82M in FY05 to$68.63M in FY06.
This is according to an independent audit conducted by Deloitte and Touche.
General Fund assets declined $394K from $61.4M in FY05 to $61.0M in FY06 while
the Park Fund assets increased from $7.4M in FY05 to $7.6M in FY06, or by $169K.
Click here to
read OPA's Executive Summary of the Single Audit report.
Click here to
read the full Single Audit report. |
|
7/25/07 |
CNMI FY 2006
Financial Audit Released
Results of the Single Audit of the CNMI as a whole, for the fiscal year
ended September 30, 2006, reflect the government wide efforts to reduce
spending. However, because General Fund revenues saw a significant decrease,
revenues were again insufficient to cover total expenditures. General Fund
revenues decreased 10.3% and expenditures decreased 14.7% over the previous
fiscal year. The General Fund unreserved deficit increased by 2%; this is a
significantly smaller increase than the 14% increase seen in fiscal year
2005. Click here for OPA’s executive summary.
Click here for OPA's Executive Summary
of the Single Audit report.
Click here
to read the full Single Audit report. |
|
7/10/07 |
MVA FY 2006
Financial Audit Released
Marianas Visitors Authority’s Fund Balance
reaches a deficit of $499 K despite revenue increases in FY 06, according to an
independent financial audit conducted by J. Scott Magliari & Company. Revenues
rose from $4.5 mil in FY 05 to $7.4 mil in FY 06 or 64.86% due to MVA’s
restatement of its FY 05 financial statements, while expenditures increased 22%
or $1.4 mil from $6.4 mil in FY 05 to $7.8 mil in FY 06.
Click here for a copy
of OPA’s Executive Summary of the audit.
Click here for
the full audit report.
|
|
11/23/06 |
MPLT FY 2005 Single Audit
Released Marianas Public Land Trust assets increased to $68.9 Million as of the
end of FY 2005, according a financial audit conducted by Deloitte. Operating
revenues derived from interest and dividend income earned on investments
increased 10.8% from $6.1M in FY 2004 to $6.8M in FY 2005. MPLT engages the
services of professional money managers to manage MPLT’s General and Park
Trust funds. For a copy of the full financial reports, please contact OPA or
the MPLT office.
Click
here to for a copy of OPA's Executive Summary of the audit results. |
|
10/31/06 |
NMIRF FY 2005
Financial Audit Released
For FY 2005, the NMIRF posted an increase of 60 million
in Plan Net Assets due to growth of its equity and government securities and
a decrease in liabilities of 1.2 million. This is according to an
independent financial report by J. Scott Magliari and Company. The number of
members receiving benefits has steadily risen from 2,046 in FY01 to 2,461 in
FY05. Furthermore, unfunded pension liability has escalated to $552M
compared to $516 in 2004.
Click here to read more about OPA’s Executive Summary on the NMIRF. A copy
of the full financial report may also be obtained from OPA or NMIRF. |
|
10/24/06 |
PSS FY 2005
Financial Audit Released PSS received $32.1 million in Federal grants, $37.2 million in General
Fund transfers, and $1.2 million for CIPs in FY 05. While total funding
increased by 19% over the previous year, the GF’s share, relative to the various
revenue sources, dropped from 78% in 1997 to 59% in 2005. The independent
auditing firm of J. Scott Magliari & Company conducted the FYE 2005 financial
audit and reported 15 audit findings, down from 20 in the previous year.
Click here for a copy of
OPA's Executive summary of the Audit. A copy of the full audit may be
obtain at the CDA or OPA. |
|
8/29/06 |
CDA FY 2005
Financial Audit Released
Commonwealth
Development Authority expenses exceeded revenues by $891,000 in FY05, according
to an independent financial audit conducted by Deloitte. Revenues increased
$12.0 mil from $10.5 mil in the previous year, while expenses remained flat at
$12.9 mil. Among its expense items, CDA charged $1.5 mil to “bad debts” in FY
2005. This charge increases CDA’s total allowance for doubtful accounts to
$86.5 mil. Of $118.1 mil in loans and interest receivable at September 30,
2005, only $31.6 mil is considered collectible based on loan quality, loss
experience and other economic factors. Click here for a copy of OPA’s Executive
Summary of the audit.
Click here for a copy of OPA's Executive summary of the Audit. A copy of
the full audit may be obtain at the CDA or OPA. |
|
8/17/06 |
FYE 2005 Single Audit Report Released
Results of the Single
Audit of the CNMI as a whole, for the fiscal year ended September 30, 2005, show
the extent of the deterioration of the CNMI’s financial condition. The
cumulative unreserved fund deficit increased to $174 Million, an increase of $30
Million since the prior fiscal year. Deloitte & Touche conducted the Single
Audit under special contract with OPA. A copy of the audited financial
statements is available from the Office of the Public Auditor.
Click here for OPA's Executive Summary of the financial audit |
|
5/8/06 |
CNMI FY 2004 Single
Audit Released
|
|
3/28/06 |
PSS Financial Audit for FY2004 Released
|
|
3/14/06 |
NMIRF Financial Audit for FY2004 Released
|
| 12/29/05 |
NMC 2004 Audited Financial Statements
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5/23/05 |
CNMI 2003 Audited Financial Statements
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8/26/04 |
CNMI 2002 Audited Financial Statements
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