Governor Arnold I. Palacios and Lt. Governor David M. Apatang today announced that they will be providing the public with 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. The Administration is also currently reviewing all transition reports and financial records that have been prepared and compiled by the various transition teams assigned to evaluate current government operations.
Governor Palacios emphasized that his Administration would like to share the state of the CNMI’s finances in a transparent and prompt manner and 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,” Governor Palacios 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 like ARPA.
At the same time, the Administration is actively exploring the need for short and long-term cost cutting measures to ensure the sustainability of essential government programs and services. More information about these measures will be shared as the Administration gains a more accurate picture of its finances and provides a realistic plan for fiscal and economic recovery.