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Last updateTue, 19 Dec 2017 12am

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    Monday, December 18, 2017-6:30:59P.M.

     

     

     

     

     

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Imperial Pacific funds public services and programs

(Press Release) — Just two months ago, the CNMI government disbursed the largest land-compensation payments in local history, amounting to about $20.7 million.

The Legislature acted on a measure appropriating $7.1 million for the government’s obligations to over 3,000 retirees.

Both payments are time-sensitive and involved court-ordered deadlines. And both were funded by fees and taxes, specifically the business gross revenue tax, paid by Imperial Pacific International.

Land compensation and the settlement agreement for the CNMI retirees are among the critical government obligations that have received additional funding as a result of Imperial Pacific’s economic and investment contributions.

So far, IPI has invested over half-a-billion dollars in the CNMI. For the second year in a row, the CNMI government is expected to come up with a supplemental budget.

Last fiscal year’s supplemental revenue totaled $47 million and the source was the business gross revenue tax paid by Imperial Pacific.

Among the critical programs and services that received funding support were the utility subsidy for the Commonwealth Utilities Corp.’s residential customers amounting to $2 million; the Commonwealth Healthcare Corp. which received $7 million so it could pay its utility bills; the medical referral program, $2 million which included the $1.6 million to pay the CNMI’s outstanding obligations to Guam Memorial Hospital; land compensation and other judgments, $9 million; the Substance Abuse and Rehabilitation Program, $1 million; the retirees’ bonus, $3.5 million; the Public School System, $10.24 million; Northern Marianas College, $1 million; and the Northern Marianas Trades Institute, $150,000.

Funding was likewise allotted for the retroactive lump-sum payments owed to active and inactive government employees.

Imperial Pacific’s contributions have significantly boosted the local economy, triggering an increase in government tax collections across the board.