3 Jul 2008

Significant growth in CNMI's Public Land Trust's financial standing

11:13 am on 3 July 2008

An independent audit has shown a significant growth in the Marianas Public Land Trust's financial standing during the 2007 fiscal year.

The audit, done by the Deloitte accounting firm, revealed MPLT's total assets increased by 12.2 percent, or 8.4 million US dollars, from 68.6 million in fiscal year 2006 to $77 million in FY 2007.

The Office of the Public Auditor says the change was marked by increased investments, increased income, and decreased operating expenses.

MPLT manages two trusts. One is for the benefit of the CNMI government, and the other is for the development and maintenance of American Memorial Park.