MPLT also expects to receive $2.8 million in revenue from assets managed by its money managers.
The agency’s FY’11 budget also listed $59,977 in dividends.
As for general fund expenses, the MPLT had an initial budget of $851,215 for fiscal year 2011.
Of this figure, $50,000 goes to professional fees; $49,395, wages; $5,429, personnel benefits; $57,850 contractual expenses; $105,000, portfolio management consultant fees; $68,400, loan administration fees; $12,460, audit; $26,522, board expenses; $32,040, fiduciary liability insurance; utilities, $7,298; office expenses, $53,400; money management administration, $73,959; depreciation, $24,000.
The board also adopted on Friday a reprogrammed budget for both the general and park funds that further cut expenses.
From $851,215, general fund’s new FY’11 budget decreased to $702,510 while the park fund budget decreased by about $16,000 from $86,242 to $69,275.
The board on Friday also approved MPLT’s budget for fiscal year 2012.
The agency sees a decrease in its general fund expenses for the next year from $851,215 to $714,663.
There will be a decrease in the loan administration fee by Bank of Saipan which reduced it to $52,128 from $68,400 in fiscal year 2011.
MPLT is also slashing its board meeting expenses from $26,522 to $15,885 next year.
Its budget for fiduciary liability insurance also decreased from $32,040 to $26,700.
Office expenses will decrease from $53,400 to $45,721.
Despite cuts in other areas, the agency sees an increase in utilities from $7,298 in FY’11 to $11,564 in FY’12.
Professional fees will also increase from $50,000 to $82,411.
Salaries go up from $49,395 in FY’11 to $51,832.
During Friday’s meeting, the board confirmed that the Commonwealth Utilities Corp. had made good its promise to pay the remaining balance of $245,000.
MPLT lent CUC $3.5 million.
