Mesta said, “The market has been rather volatile. It has its ups and downs. It seems we are recovering.”
He provided preliminary, unaudited figures to the board.
He said the Fund investment’s market value was $311 million as of June 30 with an estimated monthly return of negative 1.36 percent and benchmark was 1.74 percent.
Mesta said the Fund outperformed the benchmark.
He acknowledged that there were losses. “But we didn’t lose as much as the total amount of our benchmarks.”
He said the fiscal year-to-date returns were at 13.2 percent and calendar year-to-date returns were at 5.36 percent.
The Fund’s investments rebounded from its June 17 level. Mesta said it was at $304 million and mainly due to stocks’ volatility over several weeks.
He also provided figures as of May 31 when the Fund’s market value was estimated at $321 million, with estimated monthly returns of negative 0.85 percent, fiscal year-to-date returns of 14.76 percent and calendar year-to-date returns of 6.81 percent.
He said there was $4.6 million in drawdowns as well.
Again, Mesta reminded the trustees that the figures he provided were preliminary and based on an unaudited report.
Fund deputy administrator Esther Ada, reporting on behalf of comptroller David S. Demapan, said as of April 30, cash available for operations increased by $611,000 from $4.6 million in March to $5.1 million in April.
The Fund’s total assets rose by 6 percent from $417 million to $443 million. Ada said Demapan included as receivables central government employer contributions.
She said total liabilities amounted to $92.4 million in April, a 14 percent increase from its $80.6 million level the previous month.
For the same period, net assets grew by 4 percent from $337 million to $351 million.
Ada said the Fund’s net income grew to $13.7 million, compared to $9.1 million for the same period for fiscal year 2010.
The unfunded liability was “a little outdated,” she noted. Based on the actuarial report, it was $911.1 million.
She said the cumulative drawdowns through June 2, 2011 totaled $37.4 million “leaving a balance of $16.8 million for the remainder of the fiscal year.”
Ada said, “If we annualized that $37.4 million , we would reach $54.2 million by the end of this fiscal year.”
The comptroller’s report also highlighted the deficient employer contributions from the autonomous agencies through April 30 of the current fiscal year.
Ada said the total deficient contributions were $34.8 million: $23.9 million, Public School System; $6.2 million, Northern Marianas College; $3.9 million, Commonwealth Utilities Corp.; $741,000, Marianas Visitors Authority; Tinian municipal government, “at a minimum” — the Fund did not disclose the figure.
Ada said the CNMI government’s deficient contributions were “$177.3 million just for the current fiscal year.”
She said during the Fund’s June 24 board meeting on Rota, PSS made a “substantial” payment to the Retirement Fund for rent and contributions.
She also reported that the central government likewise remitted a “substantial amount” in contributions.
These figures, however, were not disclosed during the meeting.
