Marianas Variety

Last updateSat, 21 Sep 2019 12am







    Saturday, September 21, 2019-3:23:21P.M.






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Finance wants to see public land interest due to government

THE Department of Finance is asking the Marianas Public Land Trust for a detailed schedule of interest from investment activities as well interest due to the CNMI government.

Finance Secretary David Atalig is seeking this information in light of the central government’s request for a $15 million line-of-credit from MPLT to pay for Settlement Fund and bond obligations.

In his letter to MPLT Chairman Martin Ada, the Finance secretary said in order to effectively plan the government’s finances, “I kindly request MPLT to provide the Department of Finance a detailed schedule of interest revenues from all investment activities as well as the calculations of interest due to the CNMI.”

He also requested information regarding the distribution and withholding of interest and any other supporting documents.

The MPLT 2017 report stated that as of fiscal year 2017, MPLT’s total general fund distribution amounted to $59.4 million since fiscal year 1984.

MPLT’s general distribution for FY2017 was $1.6 million. In FY 2016, it was $1.3 million and in FY 2015, $1.8 million.

The MPLT report stated that the investment policy for 2017 maintained “a broad asset allocation of 25 percent to equities, 55 percent to fixed income, and 20 percent to alternatives.”

“This approach maintains current income while keeping an option to grow the principal investment base,” the MPLT report added.