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Treasurer reports drop in Account Receivables
Friday,
June 26, 2009
Treasurer Magalei Logovii said there’s been a significant drop in account receivables because of stepped up efforts by his office to collect from companies and individuals owing money to the government.
He said Account Receivables were at $5 million when he became Treasurer but that amount has dropped to $2 million. Magalei said many of the debts were collected from tenants at the Industrial Park as well as the airport.
The treasurer also told the House Budget and Appropriations Committee yesterday that customs for the first time was raking in $2 million in excise taxes a month. Revenues from fees and licenses should also increase because he said he has corrected business-licensing fees so that companies pay a license for each business they operate, instead of operating three different businesses with a single license.
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