Office of Governor Arnold Palacios. 19 July 2024 Photo: Facebook / Office of Governor Arnold I. Palacios
The Northern Marianas leaders have announced a slight increase in revenue collections in the 2024 financial year.
Governor Arnold Palacios and lieutenant governor David Apatang said in a letter to the Legislature the revenue was $168.3 million.
The Department of Finance said this represents a 3 per cent increase from total forecasted revenues at the start of the fiscal year.
Of the total tax collections made in the 2024 financial year, 66 per cent originated from income taxes.
Palacios and Apatang patted themselves on the back for the country's accounts returning to being in the black.
"Our administration continues to promote fiscal stability and maintains our commitment to building a strong foundation for our economy."
Meanwhile, excise tax collection fell short of fiscal projections by US$16.5 million, with total receipts amounting to $23.2 million or 14 per cent of all revenue collection resources.
As for fiscal year 2025, Palacios and Apatang seem to be bullish about the state of the CNMI's economy moving forward.
They expect good results from a request for US financial assistance for government operations, and a positive outlook for the tourism industry.
This is despite concerns from the chairman of the Hotel Association of the Northern Mariana Islands after another subpar average hotel occupancy rate in October 2024.
Palacios and Apatang are also pleased about the current military buildup on Tinian and Rota.
"The military development and planned investments in the CNMI, most evident on Tinian and Rota, provide a projected investment to the CNMI of over US$800 million," they said.
"We must continue to work closely with the US Department of Defense and all our federal partners to ensure that projects are supported for swift completion, and planned investments materialize and benefit the CNMI as soon as possible."
The administration also informed the Legislature that the total remaining balance for the infrastructure investments stands at over US$500 million, including Federal Emergency Management Agency, Community Development Block Grant Disaster Recovery, and other major federal grants.
Meanwhile, the Marianas Visitors Authority said visitor arrivals increased by 22 per cent in the 2024 financial year, compared to 2023.
South Korea accounted for 75 per cent of the 237,498 visitors.