5/3/12, Thurs., 5:55 p.m.
Hello: I’ve been asked by the Commonwealth Retirement Association Board members to pass on the following notice to you all:
“Chairman Lorenzo Cabrera is calling for a CRA Special General Membership Meeting on May 8th, 2012 to be held at the Multi-Purpose Center in Susupe at 6pm. We learned from the papers that Mark Staal is also calling all active employees to come to American Memorial Park at 7pm to sign petition to have governor sign into law HB 17-226 allowing active employees to withdraw without severing employment.”
Some other information for you. Today, I was given a copy of the NMIRF Acting Comptroller’s UNAUDITED March 31, 2012 Financial Report. I have picked out a few EXCERPTS which might be of interest to you and are copied from the report below.
The result of operation for the past six months of the fiscal year 2012 ending March 31 is within our current approved budget. Total Contributions Revenue for March 2012 was $2.685 million as compared to last month’s collection of $1.202 million. The remarkable improvement in contribution revenue collection for March 2012 was due to the continuous remittances of Employer Contributions by the CNMI Government and Autonomous Agencies, and the ability of the CNMI Government to remit other obligations such as the Appropriation for 20%/30% Hotel/ Container Tax. Our total expenditures reported for the month of March is $6.797 million. This total expenditure when compared to the current month budget of $7.37 million, a savings of $566 thousand or 8% is realized. Eighty Nine (89%) percent of the Fiscal Year 2012 Budget pursuant to PL 17.55 goes to Benefits payment, Six (6) percent for Refunds of Contributions and five (5%) percent for General and Administrative expenses.
Unpaid Employer Contribution:
The combined unpaid Employer Contributions as of March 31, 2012 show $227.926 million of which $182.724 million is owed by the CNMI Government and $45.652 million is owed by the Autonomous Agencies.
The CNMI governments other unremitted obligations to the Fund as of March 31:
1. Arrears on the monthly payment of Judicial Building Loan totaled $1,130,443.70 as of March 31, 2012.
2. An estimated $557,700 unremitted Appropriation for 20%/30% Hotel/ Container Tax for FY 2012 from December 2011 thru March 2012.
Status on Refunds from Employees’ Contributions:
As of March 31, 2012, we have refunded a total of $2,275,516 to the departing government employees. The total amount refunded represent 40% of the total budgeted amount of $5,700,000.00 for FY 2012.
Hope a lot of you can make the CRA meeting:
Tuesday, May 8, 2012, 6 p.m. at the Multi Purpose Center in Susupe.
Warm regards. Donna