Department of Finance

Department of Finance


Executive Summary

 

The mission of the Finance Department is to prudently manage funds received so that sufficient financial resources are available to provide for students of the Public School System while at the same time provide timely and accurate financial information using generally accepted accounting principles to internal and external stakeholders, while ensuring stakeholders the department is operating in the most efficient manner. To do this, we ensure we maintain accurate historical records of all PSS financial activities that complies with local state and federal regulations. Furthermore, we also ensure to serve employees, schools, departments and the community by assuring timely processing of payroll, accounts payable and other accounting transactions. Internally, we promote intra-department teamwork, professional growth and personal integrity and add value to PSS by providing financial guidance and support to the board members, key management, program managers, principals, and all other leaders throughout the system. We ensure compliance with local state and federal laws, policies, regulations and reporting Requirements.

 

Department of Finance Accomplishments:

 

FY 2019

  1. Completed standard operating procedures for the Offices of Procurement and Supply (approved) and Finance (pending COE's approval) that are aligned with or conform to existing regulations;
  2. Retired PSS' FY 2019 deficit to the tune of $7.7 million (through a CNMI government bailout);
  3. Resolved recurring FY 2017 findings with the CNMI Office of the Public Auditor and Office of Special Education Programs; and
  4. Produced a clean audit for FY 2018.

 

FY 2020

  1. Resolved a USDOL soft inquiry on unpaid wages for a certain class of PSS employees;
  2. Retired PSS' $6.3 million FY 2020 deficit (with funding derived from the Education Stabilization Fund and assistance from the central government);
  3. Resumed local fund allocations (attributed to the continued strong working rapport between PSS, BOE leadership, and the administration);
  4. Zero findings on P&S and Finance in FY 2019 audit;
  5. Produced a clean audit for FY 2019 (still in draft form but will soon be finalized).