Sen. Maria T. Pangelinan, D-Saipan, told MPLT Chairman Vianney Hocog that the committee, which she chairs, needs more information about the amount of interest that the agency has or will be transmitting to the general fund as well as on the $4.1 million line item.
“Please verify the amount of interest that has been or will be transmitted to the general fund from MPLT during FY 2008 and FY 2009. If there is a way to forecast the amount for FY 2010 please include that amount as well,” the senator wrote to Hocog.
“Additionally, for FY 2009, there is an item listed under ‘Transfers In’ [to the general fund] in the amount of $4.1 million, and labeled ‘MPLT Recovered Interest from NMHC.’ This appears to be a one time transfer and is not specifically described in the governor’s cover letter,” she added.
MPLT is the investment arm of the Department of Public Lands, which manages public lands in the CNMI.
DPL generates income from land leases and permit and license fees related to public lands. Part of its income goes to MPLT which in turn invests it.
