The Chamorro Land Trust Commission reported stronger finances in fiscal year 2023, ending the year with a $3.7 million fund balance — up $527,000 from the previous year — according to a recent financial audit.
CLTC received a clean, unmodified audit opinion from Ernst & Young, with no material weaknesses found in internal controls. Auditors did, however, recommend procedural improvements in lease administration, revenue collection and operational efficiency.
Total revenues rose 71% to $1.4 million, driven by higher lease rental income, increased interest earnings and government appropriations. Expenditures increased 7% to $893,000, largely due to higher personnel and operational costs. Staffing grew from nine to 11 employees.
The audit was issued after the statutory deadline because of issues with CLTC’s accounting software.
Auditors flagged concerns over lease management, noting that 94% of $1.2 million in commercial lease receivables were delinquent and that payments were still being collected on 12 expired commercial leases without formal extensions.
No new loan guarantees were issued in FY 2023. Outstanding guaranteed loans totaled about $10.3 million, with no losses reported.
Despite improved financial performance, CLTC cited ongoing challenges, including lease processing delays and limited funding for surveys and infrastructure.