Fund Administrator Richard Villagomez reported to the trustees that Finance need to replenish the judicial building fund while PSS remains six months delinquent on its $19,000 monthly rent and has yet to pay $63,000 in utilities. The PSS central office is located at the Retirement Fund building on Capital Hill.
Regarding the judicial building fund, Villagomez said “the amount due to us has grown to $303,000.”
The judiciary borrowed money from the Retirement Fund for the construction of the $13.8 million judiciary building in Susupe.
Villagomez told the trustees that the judicial building fund should hold about three months reserve.
“The payment should be automatic and it was automatic in the past because it was pursuant to a loan agreement. Every month you need to pay this amount and you need to keep three months reserve,” he said.
He said the judicial building fund reserve account is almost depleted.
“That reserve account is no longer there — it is down to $537.”
Villagomez said the total judicial building fund should have at least $354,000.
“We have written several letters to Finance,” he said. “We don’t control what goes into it [judicial building fund]. We control what goes out of it.”
According to Fund deputy administrator Esther Ada, Finance should be remitting payments every month.
The Fund is also running after PSS which owes rent now amounting to about $114,000.
PSS hasn’t paid rent for this fiscal year.
Villagomez said PSS usually pays rent every six months.
He also reported that the Fund also pays for utilities for the entire building and is later reimbursed by PSS.
“We paid $12,000 for the entire building,” said Villagomez referring to the cost of utilities last March.
Now that the PSS lease is up for renewal, the Fund board would like the school system to settle its arrears.
In an interview with Variety, Retirement Fund Chairman Sixto K. Igisomar said they agreed to renew the lease provided PSS pays what it owes the Fund.
