IN a joint statement Thursday, Gov. Arnold I. Palacios and Lt. Gov. David M. Apatang said their administration is “actively exploring the need for short- and long-term cost-cutting measures to ensure the sustainability of essential government programs and services.”
They said they will provide the public with more information about the CNMI government’s general state of financial affairs when they have completed a “thorough and comprehensive assessment of all financial records, audits, and other relevant documents.”
They said preliminary findings indicate that much of the funds from various accounts have been spent, and some accounts have negative balances.
“Nonetheless, additional work is currently being undertaken to reconcile balances and figures from various accounts,” including federally sourced funds such as the American Rescue Plan Act funds, the new administration stated.
It added that it is also reviewing all transition reports and financial records that have been prepared and compiled by the various transition teams assigned to evaluate current government operations.
Palacios said his administration would like to share the state of the CNMI’s finances “in a transparent and prompt manner,” but noted that “additional time was needed to ensure the information shared is accurate and correctly depicts the Commonwealth’s fiscal state.”
“While we work to rebuild confidence and trust in our government, it’s critical that the true representation of our government’s fiscal resources is shared with the people,” he said.
