The Office of the Public Auditor said MPLT’s total operating revenues of $5.5 million went up to $8.4 million in FY07.
“The increase in revenue is attributed to the $2.2 million rise in the fair value of investments and $700,000 increase in interest income. Operating expenses decreased by $240,000 or 27 percent from $890,000 in FY06 to $650,000 in FY07,” OPA said in a two-page report released on Wednesday.
The rise in its investment income fueled the increase in its assets by 12.2 percent to $77 million from $68.4 million.
“For the general fund, assets increased $7.8 million while the American Memorial Park Fund in which distributions are general revenues $517,000 over the prior year. Other factors causing assets to increase include large increases of cash and cash equivalents $2.6 million; accrued income, $1.9 million; and security investments which increased $5.4 million,” the report added.
Established in 1978, MPLT is the investment arm of the defunct Marianas Public Lands Authority which has been replaced by the Department of Public Lands.
DPL gets its revenues from the use and administration of public lands.
