In an interview Tuesday, CUC chief financial officer Charles Warren said he spoke with Lt. Gov. Eloy S. Inos and they have agreed for the central government and PSS to pay CUC in 12 months.
Of the over $7 million in receivables that CUC has to collect as of September, collectibles from the central government and PSS comprise nearly half.
He also confirmed that CUC received a $50,000 payment from the central government last Nov. 15.
That leaves the outstanding bill of $1.65 million yet to be settled on top of the $1.3 million due.
Warren said they agreed that the “CNMI government is going to pay the $1.7 million and the schools will pay $1.3 million.”
Warren said they will be filing an emergency petition seeking for base rate increase which he anticipates will be 10 percent at the minimum.
He said CUC is impacted by the 20 percent drop in volume sales, approval of the Telesource amended contract and increase in retirement fund contribution rate.
Warren said the base rate is based on projected sales and their sales are a lot lower than expected.
He said, “We are going to encourage the others to come back to the grid.”
