Finance still owes MVA $7.8M

Local
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

 

 

AS of Wednesday, Marianas Visitors Authority Managing Director Priscilla Iakopo said the Department of Finance still owed MVA $7.8 million.

This represents the fiscal years 2019 and 2020 hotel occupancy tax collections that, under the law, should be remitted to MVA.

For fiscal year 2019, the unremitted MVA share of the hotel occupancy tax was $2.4 million.

 

Marianas Visitors Authority Board Chairwoman Marian Aldan-Pierce, center background, presides over a meeting with MVA management led by Managing Director Priscilla Iakopo in the governor’s conference room on Capital Hill. Photo by Junhan B. Todino

For fiscal year 2020, Finance had yet to remit $5.3 million to MVA.

On May 8, Iaokopo said, MVA received $300,000 from Finance.

Since then, there had been no advisory from Finance regarding the next remittance, she added.

As for the payables of MVA to its offshore partners and local vendors, the amount had reached $940,000 as of April this year, she said.

In March, the board approved the use of the funds reserved for building improvement to cover the MVA payroll for the remaining months of fiscal year 2020.

As of reporting, Iaokopo said the building reserved fund had a balance of $605,000 while MVA  will need $433,000 to cover the payroll of its 11 remaining employees through the end of fiscal year 2020 on Sept. 30.

 

 

 

Read more articles

Shadow
Slider
Shadow
Slider