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Governor: CNMI faced half‑billion dollar deficit; administration says it balanced FY2024 budget
Summary
Governor Arnold I. Palacios told a joint session the commonwealth entered office with a cumulative fiscal deficit of more than $500 million and significant questioned costs; administration steps included hiring, task forces and cost controls and the governor said the FY2024 budget was balanced.
Governor Arnold I. Palacios told the joint session that when his administration took office it found the government’s finances in disarray and a cumulative fiscal deficit that exceeded $500,000,000.
"Our finances were stripped bare, leaving behind nothing but a large deficit, a long list of questionable expenses and a long delayed audits with severe weaknesses and deficiencies," Palacios said. He told legislators that a single-audit review identified about $104,000,000 in questioned costs and that the commonwealth had not fully accounted for $36,300,000 in CARES Act funds, $93,000,000 in community…
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