In his financial report to the Fund board dated Dec. 2, acting comptroller Pablito J. Amog reported, “The CNMI government balance on employer contributions is $180,278,791.25 as of October 31, 2011.”
This, he said, did not include $329,753.93 in death claims loan payment up to October or $29,977.63 per month; $947,378.52 in judicial building loan payment as of Oct. 31; $449,032.74 of the $1.69 million appropriated for 20 percent/30 percent hotel and container tax remittance.
This does not include the initial allotment of $139,425 for FY 2012 appropriations that would bring the total unremitted 20 percent/30 percent Hotel and Container Tax Remittance to $588,457.74.
Amog pointed out in his report that the $180.28 million in deficient contributions does not include the $38.09 million in deficient contributions from other agencies.
Since the Fund adopted the actuarially determined employer contribution rate of 60.8686 percent that took effect on Oct. 1, the central government and the agencies have not been complying with this new rate, Amog stated in his financial report.
“CNMI and other agencies are still not implementing the new rate in the remittance of their Employer Contribution as of Payroll #4 of FY 2012,” the report stated.
Amog, however, clarified that the Northern Marianas College applied the new employer contribution rate to employees covered by federal programs.
He also provided the Fund trustees the breakdown of the $38,094,133.32 total deficient contributions according to agencies: $26,744,950.87, Public School System; $6,379,761.37, Northern Marianas College; $3,913,166.50, Commonwealth Utilities Corp.; $768,178, Marianas Visitors Authority; $231,444.44, Commonwealth Health Corp.; $22,324.88, Tinian Mayor’s Office; $15,123.63, Tinian Casino Gaming; $10,001.71, Tinian Municipal Treasurer; $5,192.02, Tinian Youth Center; $950.12, Northern Marianas Housing Corp.; $1,515.14, Commonwealth Ports Authority; and $202.95, Credit Union.
On June 27, the Fund circulated a memorandum to all departments and agencies of the government of the Fund board’s adopting a 60.8686 percent employer contribution rate effective Oct. 1, 2011 with 11 percent set as Class II employee share and 10.5 percent for Class I employee share.
The newly adopted employer contribution rate jumped from 37.3909 percent of the previous fiscal year.
