CNMI Deficit $370 M, $25.8 for 2011

January 3, 2012


No wonder Governor Fitial delivered no State of the Commonwealth Address in 2011. The state of the Commonwealth is abysmal. The governor released a financial report that revealed that the cumulative deficit was $370 (including millions owed to the retirement fund) and that in 2011 the government overspent by $25.2 million. In May 2011 it was reported that the government had overspent by $1.087 million.

Despite the sacrifice of government workers who saw their hours cut by 16 hours bi-weekly, it appears that not enough cuts were made or revenues raised. Not surprisingly, the executive branch accounted for the majority of the over-spending coming up a whooping $20.2 in the red. It would be interesting to see the breakdown and learn just how much has been spent on the travels of the governor and his entourage. The Legislature was $11, 156 in the red and the Judiciary came up short $170,897. (Of course the Judiciary was handed a budget that was ridiculously low to begin with.)

One would have thought with all of the budget problems the leaders would have taken a sensible course  revenue raising measures such as imposing income, sales or property taxes combined with cost cutting measures. It appears that the only solution to the financial crisis has been some pie in the sky casino schemes that would most likely fail.  Such schemes make as much sense as an individual attempting to solve their personal financial problems by purchasing lottery tickets rather than cutting costs or supplementing their income with a part-time job.

The CNMI's shady AG, Edward Buckingham reportedly will "look into" the fact that the deficit violates the CNMI Constitution.

Perhaps the stimulus checks and tax rebates that people have been waiting for been illegally spent already.

3 comments:

Anonymous said...

Yep, the NMI has gone to hell in a hand basket carried off by Fitial and crew. You may be right about rebates. I think it's illegal to steal from that pot.

Anonymous said...

the pillaging by this administration is unreal, and it continues on. I want to see the breakdowns also, who overspent? obviously not the average govt worker as they are suffering while others sell ice and feast on steak and lobster. now, tell me how can people think this is ok?

Anonymous said...

Fitial should deliver STATE CALAMITY OF THE NATION instead!