By Emmanuel T. Erediano
[email protected]
Variety News Staff
THE CNMI government’s revenue collection in January exceeded projections by 19%, according to the monthly report submitted to the Legislature by Finance Secretary Tracy B. Norita.
Public Law 24-20, the revised fiscal year 2026 budget law, requires the Finance secretary to report the government’s revenue collection on a monthly basis.
In her report to Speaker Edmund S. Villagomez and Senate President Karl King-Nabors, Secretary Norita highlighted actual collections for the first month of the calendar year, reaching $15.2 million. She said this exceeded the $12.7 million monthly forecast by $2.4 million, or 19%.
According to Norita, the surplus helped offset a $1.2 million first-quarter revenue shortfall, resulting in $1.2 million above the budget forecast.
She also reported a $9.4 million available balance in the general fund after actual expenditures. But she noted that, while this currently reflects a surplus of available funds, the balance does not indicate a projected fiscal year-end position.
Due to the $4.4 million proportionate reduction, monthly allotments have been reduced. As a result, Norita said most departments and agencies may experience funding shortfalls by the end of the fiscal year if expenditure levels are not adjusted accordingly.
Norita added that the Office of Management and Budget will continue to closely monitor expenditures and allotments and provide updates as the fiscal year progresses.
Emmanuel “Arnold” Erediano has a bachelor of science degree in Journalism. He started his career as police beat reporter. Loves to cook. Eats death threats for breakfast.
