THE Marianas Public Land Trust has distributed over $60 million to CNMI government coffers.
The MPLT fiscal year 2019 annual report shows that as of fiscal year 2019, MPLT had distributed to the general fund a total of $63,555,853 since FY1984.
During a recent board meeting, the trustees reported that MPLT’s distribution to the general fund was $2,009,929 in FY 2020 and $1,542,439.96 in FY 2021.
This brings to $67,108,221.96, the total amount distributed to CNMI coffers to date.
MPLT Administrator Barbara Reyes, AIF, in an email, said MPLT withheld the $1,542,439.96 FY 2021 distribution as partial payment for the $15 million Super Typhoon Yutu loan that the CNMI government obtained from MPLT as authorized by Public Law 21-3 and amended by P.L. 21-6.
The FY 2019 annual report also indicates that beginning with $1,348,293 in FY 1984, MPLT has been distributing income to the general fund every year.
The income distributions were not the same every year. They depend on the amount remitted by the Department of Public Lands and the annual incomes earned by MPLT investment managers.
MPLT is responsible for investing the public land revenue distributed by the Department of Public Lands on an annual basis.
The income distribution since FY 1984 ranged from $534,953 (FY 1993) to $4,100,000 (FY 2008).
The amount of general fund principal that MPLT invested totaled $46,491,986.
Today, that amount has grown to $105,170,003 in the hands of its money managers, according to Raymond James Financial Inc.’s comparative performance analysis report
The amount excludes the $67,108,221.96 that MPLT has distributed to the CNMI general fund.
MPLT Chairman Martin Ada noted that MPLT’s fund balance reached the $100 million mark amid the Covid-19 pandemic. “This has never happened before,” he said referring to MPLT’s $100 million net position.
The Raymond James analysis report stated that from $79,018, 931 last year, MPLT’s net position went up to $105,170,003 with a $20,578,450 net investment change over a single year.
Impressive portfolio performances were reported by MPLT money managers Aristotle Capital Management and Atalanta Sosnoff Capital LLC.
MPLT said its other money managers also performed well. These include Lazard Asset Management, WCM International Value, Western Asset Management, Chartwell Investment Partners, Lazard Asset Management, Black Rock iShares, Adelante Capital Management LLC, SSI Investment Management and Blackstone Group.
DPL remittances
Part of the funds that MPLT is investing are monies received from the Department of Public Lands.
MPLT’s annual report indicates that since July 19, 1983, DPL and its predecessor agencies had remitted a total of $48,491,986 as of August 2019. The amounts that DPL remitted to MPLT ranged from $100,000 (on Jan. 20, 1984) to $14,080,046 (Feb. 17, 1984).
On May 15, 2019, DPL remitted $2,414,508 while on Aug. 19, 2019, it remitted $567,508.
According to its annual report, although MPLT has received $48,491,986 from DPL, “MPLT is of the opinion that the method used to compute the annual distributions does not comply with the provisions of the Constitution and additional monies are owed.”
In Aug. 2021, DPL said to resolve its dispute with MPLT, the department would propose the submission of a certified question to the CNMI Supreme Court.
