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# Fiscal Condition of CNMI Continues to Weaken
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A recent analysis by the Government Accountability Office (GAO) has revealed that the fiscal condition of the Commonwealth of the Northern Mariana Islands (CNMI) continues to deteriorate. The GAO's report highlights a significant gap between the government's revenues and expenditures, leading to a decline in the island territory's financial health.

## Fund Balance Decline
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According to the report, CNMI's fund balance, which measures the amount of funds available for current period expenditures, has been steadily decreasing over the past five years. In 2001, the fund balance stood at $40.6 million, but by 2005, it had declined to a negative balance of $38 million.

## Net Assets Decline
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Another key indicator of fiscal health is net assets, which represents total assets minus total liabilities. The GAO report shows that CNMI's net assets have also been decreasing over the same period, with a decline of $34.3 billion between 2001 and 2005.

## Causes of Decline
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The report attributes the decline in financial health to a combination of factors, including:

* Increasing expenditures
* Declining revenues
* Inadequate funding for basic services such as education and healthcare

## Federal Contributions
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The GAO analysis also highlights the importance of federal contributions to CNMI's finances. In 2005, federal contributions accounted for approximately 21% of the island territory's total revenues. However, this reliance on federal funds may not be sustainable in the long term, as it is subject to changes in federal funding priorities and budget decisions.

## Recommendations
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The report concludes that CNMI faces significant fiscal challenges and recommends that the government take steps to address these issues, including:

* Implementing cost-saving measures
* Increasing efficiency
* Diversifying revenue streams

Failure to address these challenges could have serious consequences for the island territory's economic development and basic services.

### Key Statistics
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* Fund balance decreased from $40.6 million in 2001 to a negative balance of $38 million in 2005.
* Net assets declined by $34.3 billion between 2001 and 2005.
* Federal contributions accounted for approximately 21% of CNMI's total revenues in 2005.
* Government revenue per capita decreased from $3,857 in 2002 to $3,839 in 2005.
* Government expenditures per capita increased from $3,592 in 2002 to $4,273 in 2005.

### Source
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Government Accountability Office. (2007). Single Audit Report for the Commonwealth of the Northern Mariana Islands. Retrieved from [insert URL].