The document summarizes the work of the Kosrae Adjustment Program Implementation Team (KAPIT) in submitting legislative measures to improve Kosrae's fiscal situation, recognizes the 2011 Department of Resources and Economic Affairs Employee of the Year, and provides updates on Kosrae's participation in the Guam Micronesian Islands Fair and the release of the Division of Economic Planning's first economic brief focusing on transportation issues in Kosrae.
The Forum Trade Ministers Meeting discussed several trade-related topics:
1) They considered updates on the operations of the Permanent Delegation of the Pacific Islands Forum to the World Trade Organization in Geneva and the Doha Development Agenda. They congratulated Samoa on joining the WTO and acknowledged contributions to WTO accessions.
2) They received updates on Pacific Islands Trade & Invest activities and opportunities in key markets. They urged continued marketing and attracting investment.
3) They discussed ongoing traditional knowledge and intellectual property work in the region and agreed to priorities, including establishing a regional trademarks system.
4) They reviewed the Pacific Islands Forum Secretariat's trade work program and agreed to continue
The Department of Resources and Economic Affairs (DREA) newsletter provides updates on projects and activities in the 2nd quarter of FY2012. Key points include:
1) DREA completed deployment of 3 fish aggregating device anchors to support fishing. Staff are monitoring the anchors.
2) Workshops were held in 5 villages to improve farming skills and understanding of agriculture topics.
3) A livestock and poultry survey was conducted to account for all animals in Kosrae, as required every 5 years.
4) Export of Kosrae agricultural produce increased in volume and value compared to the previous quarter.
Project Finance - BP Amoco Caspian Oilfields Financing Case StudyBuvan Rajendra
BP Amoco: Financing of the Caspian Oilfields Development Project
The document discusses the financing of the Caspian Oilfields Development Project (CODP) undertaken by the Azerbaijan International Operating Company (AIOC) joint venture to develop the Azeri, Chirag and Gunashli oil fields in Azerbaijan. It describes the multi-phased development plan and budgets totaling $10 billion. For the initial Early Oil Project phase, BP and others used corporate financing while Amoco and others utilized project financing through loans from the IFC and EBRD. Following the merger of BP and Amoco, future phases would be financed through project financing, allowing a variety of participants and risk allocation while adding credibility through involvement
The Micronesia Challenge is a regional commitment launched in 2006 by the Federated States of Micronesia, the Republic of the Marshall Islands, Palau, Guam and the Commonwealth of the Northern Mariana Islands to effectively manage at least 30% of the near-shore marine resources and 20% of the terrestrial resources across Micronesia by 2020. In its first five years, it has established or strengthened 190 protected areas covering over 683,310 hectares and leveraged over $15 million in support. It aims to protect biodiversity and sustain local livelihoods in the region through a sustainable financing plan and partnerships.
This document summarizes a post-COP10 meeting held in Fiji from May 16-20, 2011 to review outcomes of the 10th Conference of the Parties to the Convention on Biological Diversity and plan for their implementation in the Pacific region. Key points from discussions included:
1) Participants shared lessons learned from successful Pacific cooperation at COP10, highlighting regional achievements and the need to continue a unified Pacific voice.
2) Discussions established a basic understanding of important Nagoya outcomes and decisions for the Pacific, and identified capacity needs to implement them with support from partners.
3) Recommendations focused on strengthening future COP preparations through information sharing, and consolidating strategies, actions and partnership opportunities to
This document discusses the Global Island Partnership (GLISPA), which assists islands in addressing environmental challenges. It was created to [1] conserve island natural resources that support people and cultures, [2] provide a platform for islands to collaborate on solutions, and [3] take high-level actions to address global sustainability issues. Islands are described as unique, diverse and vulnerable locations that support significant biodiversity and people. GLISPA works to inspire leadership, catalyze commitments, and facilitate collaboration between islands to promote conservation and sustainable livelihoods.
The document outlines the organizational structure of the FSM Department of Resources & Development. It shows the Secretary at the top overseeing two assistant secretaries who each lead a division. Various program managers, advisors, officers, and specialists report up through the divisions and assistant secretaries to support the department's work in areas like energy, fisheries, tourism, agriculture, trade, and investment. Administrative and executive support staff also assist the Secretary.
The document summarizes several conservation projects and activities undertaken by the Conservation Society of Pohnpei in early 2012, including:
1) An annual bird survey conducted on Pohnpei and Ant Atoll in partnership with the University of Missouri.
2) The addition of 4 new species to Pohnpei's freshwater fauna by French scientists surveying the island's streams.
3) The completion of a strategic action plan by Pohnpei's Division of Fish and Wildlife to guide conservation law enforcement over the next three years.
4) A youth environmental awareness program involving a school garden project that received support from the U.S. Ambassador to Pohnpei.
The Forum Trade Ministers Meeting discussed several trade-related topics:
1) They considered updates on the operations of the Permanent Delegation of the Pacific Islands Forum to the World Trade Organization in Geneva and the Doha Development Agenda. They congratulated Samoa on joining the WTO and acknowledged contributions to WTO accessions.
2) They received updates on Pacific Islands Trade & Invest activities and opportunities in key markets. They urged continued marketing and attracting investment.
3) They discussed ongoing traditional knowledge and intellectual property work in the region and agreed to priorities, including establishing a regional trademarks system.
4) They reviewed the Pacific Islands Forum Secretariat's trade work program and agreed to continue
The Department of Resources and Economic Affairs (DREA) newsletter provides updates on projects and activities in the 2nd quarter of FY2012. Key points include:
1) DREA completed deployment of 3 fish aggregating device anchors to support fishing. Staff are monitoring the anchors.
2) Workshops were held in 5 villages to improve farming skills and understanding of agriculture topics.
3) A livestock and poultry survey was conducted to account for all animals in Kosrae, as required every 5 years.
4) Export of Kosrae agricultural produce increased in volume and value compared to the previous quarter.
Project Finance - BP Amoco Caspian Oilfields Financing Case StudyBuvan Rajendra
BP Amoco: Financing of the Caspian Oilfields Development Project
The document discusses the financing of the Caspian Oilfields Development Project (CODP) undertaken by the Azerbaijan International Operating Company (AIOC) joint venture to develop the Azeri, Chirag and Gunashli oil fields in Azerbaijan. It describes the multi-phased development plan and budgets totaling $10 billion. For the initial Early Oil Project phase, BP and others used corporate financing while Amoco and others utilized project financing through loans from the IFC and EBRD. Following the merger of BP and Amoco, future phases would be financed through project financing, allowing a variety of participants and risk allocation while adding credibility through involvement
The Micronesia Challenge is a regional commitment launched in 2006 by the Federated States of Micronesia, the Republic of the Marshall Islands, Palau, Guam and the Commonwealth of the Northern Mariana Islands to effectively manage at least 30% of the near-shore marine resources and 20% of the terrestrial resources across Micronesia by 2020. In its first five years, it has established or strengthened 190 protected areas covering over 683,310 hectares and leveraged over $15 million in support. It aims to protect biodiversity and sustain local livelihoods in the region through a sustainable financing plan and partnerships.
This document summarizes a post-COP10 meeting held in Fiji from May 16-20, 2011 to review outcomes of the 10th Conference of the Parties to the Convention on Biological Diversity and plan for their implementation in the Pacific region. Key points from discussions included:
1) Participants shared lessons learned from successful Pacific cooperation at COP10, highlighting regional achievements and the need to continue a unified Pacific voice.
2) Discussions established a basic understanding of important Nagoya outcomes and decisions for the Pacific, and identified capacity needs to implement them with support from partners.
3) Recommendations focused on strengthening future COP preparations through information sharing, and consolidating strategies, actions and partnership opportunities to
This document discusses the Global Island Partnership (GLISPA), which assists islands in addressing environmental challenges. It was created to [1] conserve island natural resources that support people and cultures, [2] provide a platform for islands to collaborate on solutions, and [3] take high-level actions to address global sustainability issues. Islands are described as unique, diverse and vulnerable locations that support significant biodiversity and people. GLISPA works to inspire leadership, catalyze commitments, and facilitate collaboration between islands to promote conservation and sustainable livelihoods.
The document outlines the organizational structure of the FSM Department of Resources & Development. It shows the Secretary at the top overseeing two assistant secretaries who each lead a division. Various program managers, advisors, officers, and specialists report up through the divisions and assistant secretaries to support the department's work in areas like energy, fisheries, tourism, agriculture, trade, and investment. Administrative and executive support staff also assist the Secretary.
The document summarizes several conservation projects and activities undertaken by the Conservation Society of Pohnpei in early 2012, including:
1) An annual bird survey conducted on Pohnpei and Ant Atoll in partnership with the University of Missouri.
2) The addition of 4 new species to Pohnpei's freshwater fauna by French scientists surveying the island's streams.
3) The completion of a strategic action plan by Pohnpei's Division of Fish and Wildlife to guide conservation law enforcement over the next three years.
4) A youth environmental awareness program involving a school garden project that received support from the U.S. Ambassador to Pohnpei.
This document discusses ways to strengthen integration of development objectives within the Kimberley Process certification scheme for rough diamonds. It recommends that Kimberley Process participants leverage development organizations to help formalize artisanal and small-scale diamond mining sectors. Specific recommendations include establishing initiatives to lower licensing fees, enhance data collection on artisanal mining sites using technology, and strengthen property rights for artisanal miners.
The document discusses Saint Lucia National Development Corporation's efforts to reposition itself and Saint Lucia as an attractive investment destination. It summarizes the Corporation's competitive review study findings that Saint Lucia has a strong investment product. It outlines the Corporation's governance structure and initiatives taken in 2008 to strengthen operations and promote Saint Lucia, such as rebranding efforts. The Corporation aims to engage influential global investors by highlighting Saint Lucia's unique selling points and improving its investment climate.
This document discusses perspectives on the potential impact of the EPA (Economic Partnership Agreement) between the Caribbean and the EU on Caribbean development. It provides background on Caribbean integration efforts and debates surrounding trade liberalization and development. Several experts are cited who question whether trade liberalization alone can stimulate development in small Caribbean states. The document examines different meanings of "development" and debates around defining and measuring development beyond just economic growth indicators. It seeks to understand discourses on the EPA's impact and implications for Caribbean stakeholders as implementation proceeds.
This document is the Republic Act No. 9593, also known as the Tourism Act of 2009. It establishes tourism as a priority for investment, employment, growth and national development in the Philippines. It strengthens the Department of Tourism and its attached agencies to effectively implement the national tourism policy. Key points include declaring objectives to develop tourism, preserve culture and heritage, regulate tourism enterprises, and encourage private sector participation in tourism.
1. CARTFund is a trust fund administered by the Caribbean Development Bank to help CARIFORUM countries boost growth and reduce poverty through trade and regional integration.
2. The fund became operational in 2009 with $7 million and aims to be $15.7 million by 2011 to support 18 approved projects related to implementing the EPA and CARICOM Single Market and Economy.
3. The objectives of the fund are to support EPA implementation, deepen CARICOM economic integration by completing the legal framework for integration and free movement of people, and strengthen the private sector.
The document is an annual report for Fraser Coast Opportunities Ltd (FCO) for the 2013-2014 financial year. It summarizes that FCO achieved over $11 million in media publicity, $41 million in economic activity from signature events, 648,000 visitors generating $332.7 million, and grew the local economy to $3.41 billion and employment by 2%. The Chairman and General Manager messages highlight the successful first year of FCO and its integrated approach to tourism, events, and economic development.
This document assesses economic conditions and identifies potential development projects in northern Kosovo, with a focus on northern Mitrovica. It finds that the economy can be described as a "kiosk economy" with high unemployment, dependence on subsidies, and supplemental subsistence agriculture. Unemployment is between 70-80%. The private sector is small, with most companies involved in trade. Government and donor support to businesses is limited. The region has weak economic foundations and faces constraints such as limited market access and political uncertainty. In the short term, the report recommends job creation programs and facilitating north-south trade. In the medium-term, it suggests improving economic foundations through training and university linkages. Longer-term options include
Ladies and Gentlemen, I am delighted to be with you in this hallowed chamber on this special occasion of the presentation of the 2021 Budget proposal christened, “Budget of Recovery and Economic Restoration” to the Ekiti State House of Assembly.
This document provides a corporate profile for FinCorp Investment Holding SAE, an Egyptian investment banking firm established in 1998. It summarizes FinCorp's services, experience on various projects in sectors like real estate, infrastructure, and financial services. It also lists credentials for key members of FinCorp's staff and selected clients they have worked with in sectors such as banking, manufacturing, utilities, and tourism.
1) The Director General addressed tourism officials gathered in St. Lucia to commence formulating a common tourism policy for the OECS as required by the revised Treaty of Basseterre establishing the OECS Economic Union.
2) The OECS regional economy contracted in 2009-2010 due to declines in construction and tourism, underscoring the importance of these sectors. Tourism arrivals increased in some countries in 2010 but decreased from the UK and Caribbean, troubling given reliance on these markets.
3) A common tourism policy could help build resilience to variable market performance and promote intra-Caribbean and new market travel, such as Latin America. It could also reduce competition between OECS countries and
12Report on the Financial Performance City of Do.docxjesusamckone
1
2
Report on the Financial Performance City of Doral
Student Name
Masters of Accountancy,
ACG6505 Advance Governmental and Fund Accounting
Dr. Dahli Gray, CPA, CMA, CGMA, CFE
Date
Abstract
The report gives a brief history of City of Doral, how it incorporated and its current financial performance. The city makes its annual budgets by involving its resident who priorities which projects and programs should be funded based on the projected revenue. Based on the comprehensive financial reports, the corporation continues to register increase in assets; however, during the last two years, it registered a reduction in its liabilities. Such trend is beneficial for the financial stability of the corporation. The City of Doral is one of the city’s that is managed well thanks to its management format that includes manager, the council, and mayor. The city is managed as a corporation after incorporating in 2003. Due to the good management, the city attracted many investors and diversified the investments. The investment in capital assets coupled with good management led to increase in population, business opportunities and revenue. The more the business opportunities the more the city collected property taxes and served many people who paid for the services. The strategy increased its revenue base and increased its net worth. Whereas there are improvements, the analysis of the financial position shows that more controls on the liabilities are needed to reduce liabilities and increase revenue.
Keywords: net worth, assets, liabilities
Report on the Financial Performance City of Doral
Since the incorporation of City of Doral in 2003, population increased and more developments were carried out that led to increase in cash flow and revenue. More developments and investments led to increase in the city’s revenue collections. For example, in 2018 the city raised $ 12,081 billion from revenue and other charges. It is in cognizance of the city’s development and investment that the paper focuses on analyzing the trend of the value of assets, liabilities and the general net worth of the organization. Specifically, the analysis will be done by calculating relevant financial ratios appropriate in making informed judgment about the issues identified. Furthermore, the paper will document the analysis results in simple and clear terms understandable to external stakeholders of the corporation. Importantly, the report highlights the conclusions derived from the analysis and highlights appropriate recommendations based on the conclusions. The final part of the paper is the summary of the report.
History
The Founders
The City of Doral started as a real estate site after Doris and Alfred Kaskel bought land in the state of Florida in 1950s. The two were real estate developers who bought land for purposes of developing it, they bought 2400 acres of land. The land was swampy; it was located between NW 36 and 74 streets and from NW 79 to NW 117 avenues. They b.
12Report on the Financial Performance City of Do.docxaulasnilda
1
2
Report on the Financial Performance City of Doral
Student Name
Masters of Accountancy,
ACG6505 Advance Governmental and Fund Accounting
Dr. Dahli Gray, CPA, CMA, CGMA, CFE
Date
Abstract
The report gives a brief history of City of Doral, how it incorporated and its current financial performance. The city makes its annual budgets by involving its resident who priorities which projects and programs should be funded based on the projected revenue. Based on the comprehensive financial reports, the corporation continues to register increase in assets; however, during the last two years, it registered a reduction in its liabilities. Such trend is beneficial for the financial stability of the corporation. The City of Doral is one of the city’s that is managed well thanks to its management format that includes manager, the council, and mayor. The city is managed as a corporation after incorporating in 2003. Due to the good management, the city attracted many investors and diversified the investments. The investment in capital assets coupled with good management led to increase in population, business opportunities and revenue. The more the business opportunities the more the city collected property taxes and served many people who paid for the services. The strategy increased its revenue base and increased its net worth. Whereas there are improvements, the analysis of the financial position shows that more controls on the liabilities are needed to reduce liabilities and increase revenue.
Keywords: net worth, assets, liabilities
Report on the Financial Performance City of Doral
Since the incorporation of City of Doral in 2003, population increased and more developments were carried out that led to increase in cash flow and revenue. More developments and investments led to increase in the city’s revenue collections. For example, in 2018 the city raised $ 12,081 billion from revenue and other charges. It is in cognizance of the city’s development and investment that the paper focuses on analyzing the trend of the value of assets, liabilities and the general net worth of the organization. Specifically, the analysis will be done by calculating relevant financial ratios appropriate in making informed judgment about the issues identified. Furthermore, the paper will document the analysis results in simple and clear terms understandable to external stakeholders of the corporation. Importantly, the report highlights the conclusions derived from the analysis and highlights appropriate recommendations based on the conclusions. The final part of the paper is the summary of the report.
History
The Founders
The City of Doral started as a real estate site after Doris and Alfred Kaskel bought land in the state of Florida in 1950s. The two were real estate developers who bought land for purposes of developing it, they bought 2400 acres of land. The land was swampy; it was located between NW 36 and 74 streets and from NW 79 to NW 117 avenues. They b ...
- The document introduces Goa's Industrial Policy of 2003, outlining the state's history of limited industrial activity prior to liberation in 1961 and subsequent growth.
- It establishes the mission to ensure accelerated and balanced regional industrial development, economic growth, environmental protection, and sustainable employment for Goa's youth.
- The objectives include promoting identified thrust sectors, industries using local resources, export industries, rural employment, and ensuring an environmentally friendly business climate.
Zimasset revisited from the diaspora perspectiveJosh Chigwangwa
1) The document discusses Zimbabwe's economic development plan called ZimAsset and argues it should better incorporate the role of the Zimbabwean diaspora.
2) It notes that diaspora remittances are a major source of foreign currency for Zimbabwe and that most remittances are through informal channels.
3) It recommends establishing an institutional framework to better understand and utilize diaspora remittances to support economic growth, including collecting data and channeling funds through the financial system.
The Gulf Cooperation Council (GCC) is a wealthy regional grouping of six countries - Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman. They possess large oil and gas reserves and are seeking to diversify their economies through infrastructure projects. Canada has over $4.8 billion in annual trade with GCC countries and opportunities exist in sectors like infrastructure, oil and gas, agriculture, and healthcare. The Canadian government supports trade and investment with the GCC through policies and the Trade Commissioner Service.
Analysis of mines and minerals amendment bill 2007 versionZELA2013
The document discusses improving Zimbabwe's legislative framework for governing mining. It summarizes key issues in the draft bill, including license and contract awards. While the bill improves the process, it could be strengthened by introducing checks on executive power and specifying technical/financial qualifications. Adopting a standard model contract and single licensing authority would promote transparency and prevent abuse. Overall, developing a national mining policy would help define a shared vision and ensure coherent sector management.
This document discusses an initiative to develop "Emerging Diaspora Markets" (EDM) by harnessing the purchasing power of diaspora populations. It aims to foster economic linkages between developed host countries and developing countries of origin. The initiative was launched after two events highlighting opportunities in diaspora economies. It seeks to create investment funds and seed projects exploiting this opportunity. The goal is to develop EDM as a new asset class and conduit for capital flowing to lesser developed nations, capitalizing on the economic power of their citizens living abroad.
The document summarizes the findings of a study on natural resource exploitation and trade in the Great Lakes region. Some key findings include:
1) The DRC remains an important player in regional trade as an exporter of natural resources like diamonds, crude oil, cobalt and copper, and an importer of manufactured goods and food.
2) Artisanal mining of cassiterite, coltan and gold is predominant in North and South Kivu, while industrial mining of cobalt and copper dominates in Katanga province.
3) Transportation of resources is challenging due to poor infrastructure and insecurity. Air transport is common in the Kivu while Katanga has better road networks.
4) The informal
The document summarizes the findings of a study on natural resource exploitation and trade in the Great Lakes region. Some key findings include:
1) The DRC remains an important exporter of natural resources like diamonds, crude oil, cobalt and copper, and importer of food and manufactured goods. However, trade volumes have been impacted by infrastructure problems and conflict.
2) Artisanal mining of cassiterite, coltan and gold is predominant in North and South Kivu, while industrial mining of cobalt and copper dominates in Katanga province.
3) Transportation of resources differs between regions - air transport is common in Kivu due to poor roads, while Katanga has better road and rail infrastructure.
This document provides an overview of industrial development strategies in South Africa from the 1940s to present. It discusses policies and programs from apartheid like the Bantustan system, to post-apartheid initiatives such as the Reconstruction and Development Programme, Growth Employment and Redistribution policy, Black Economic Empowerment, Broad-Based Black Economic Empowerment, National Development Plan, Spatial Development Initiatives, and Industrial Development Zones. Centralization and decentralization of industry is also examined.
The document outlines Japan's grant project to introduce solar PV systems in the Federated States of Micronesia (FSM) using 530 million yen in funding. The project will install a 160 kW grid-connected PV system, including a 20 kW system at the President's Office and a 140 kW system at the College of Micronesia-FSM campus. It establishes a committee to oversee the project and discusses schedules, equipment procurement, installation, training, funding procedures, and obligations of the FSM government to ensure successful completion of the solar PV systems.
The document outlines FSM's energy policy vision and objectives to improve lives through sustainable energy and decrease reliance on imports. The strategic goals are to improve coordination, provide reliable conventional energy, increase renewable energy share above 30% by 2020, and improve 50% energy efficiency by 2020. The policy establishes an institutional framework and action plans for both national and state governments. Nationally, it focuses on data collection, coordination, and assessments. At the state level, priorities are maintaining diesel generators, expanding renewable systems like solar, and implementing efficiency programs.
This document discusses ways to strengthen integration of development objectives within the Kimberley Process certification scheme for rough diamonds. It recommends that Kimberley Process participants leverage development organizations to help formalize artisanal and small-scale diamond mining sectors. Specific recommendations include establishing initiatives to lower licensing fees, enhance data collection on artisanal mining sites using technology, and strengthen property rights for artisanal miners.
The document discusses Saint Lucia National Development Corporation's efforts to reposition itself and Saint Lucia as an attractive investment destination. It summarizes the Corporation's competitive review study findings that Saint Lucia has a strong investment product. It outlines the Corporation's governance structure and initiatives taken in 2008 to strengthen operations and promote Saint Lucia, such as rebranding efforts. The Corporation aims to engage influential global investors by highlighting Saint Lucia's unique selling points and improving its investment climate.
This document discusses perspectives on the potential impact of the EPA (Economic Partnership Agreement) between the Caribbean and the EU on Caribbean development. It provides background on Caribbean integration efforts and debates surrounding trade liberalization and development. Several experts are cited who question whether trade liberalization alone can stimulate development in small Caribbean states. The document examines different meanings of "development" and debates around defining and measuring development beyond just economic growth indicators. It seeks to understand discourses on the EPA's impact and implications for Caribbean stakeholders as implementation proceeds.
This document is the Republic Act No. 9593, also known as the Tourism Act of 2009. It establishes tourism as a priority for investment, employment, growth and national development in the Philippines. It strengthens the Department of Tourism and its attached agencies to effectively implement the national tourism policy. Key points include declaring objectives to develop tourism, preserve culture and heritage, regulate tourism enterprises, and encourage private sector participation in tourism.
1. CARTFund is a trust fund administered by the Caribbean Development Bank to help CARIFORUM countries boost growth and reduce poverty through trade and regional integration.
2. The fund became operational in 2009 with $7 million and aims to be $15.7 million by 2011 to support 18 approved projects related to implementing the EPA and CARICOM Single Market and Economy.
3. The objectives of the fund are to support EPA implementation, deepen CARICOM economic integration by completing the legal framework for integration and free movement of people, and strengthen the private sector.
The document is an annual report for Fraser Coast Opportunities Ltd (FCO) for the 2013-2014 financial year. It summarizes that FCO achieved over $11 million in media publicity, $41 million in economic activity from signature events, 648,000 visitors generating $332.7 million, and grew the local economy to $3.41 billion and employment by 2%. The Chairman and General Manager messages highlight the successful first year of FCO and its integrated approach to tourism, events, and economic development.
This document assesses economic conditions and identifies potential development projects in northern Kosovo, with a focus on northern Mitrovica. It finds that the economy can be described as a "kiosk economy" with high unemployment, dependence on subsidies, and supplemental subsistence agriculture. Unemployment is between 70-80%. The private sector is small, with most companies involved in trade. Government and donor support to businesses is limited. The region has weak economic foundations and faces constraints such as limited market access and political uncertainty. In the short term, the report recommends job creation programs and facilitating north-south trade. In the medium-term, it suggests improving economic foundations through training and university linkages. Longer-term options include
Ladies and Gentlemen, I am delighted to be with you in this hallowed chamber on this special occasion of the presentation of the 2021 Budget proposal christened, “Budget of Recovery and Economic Restoration” to the Ekiti State House of Assembly.
This document provides a corporate profile for FinCorp Investment Holding SAE, an Egyptian investment banking firm established in 1998. It summarizes FinCorp's services, experience on various projects in sectors like real estate, infrastructure, and financial services. It also lists credentials for key members of FinCorp's staff and selected clients they have worked with in sectors such as banking, manufacturing, utilities, and tourism.
1) The Director General addressed tourism officials gathered in St. Lucia to commence formulating a common tourism policy for the OECS as required by the revised Treaty of Basseterre establishing the OECS Economic Union.
2) The OECS regional economy contracted in 2009-2010 due to declines in construction and tourism, underscoring the importance of these sectors. Tourism arrivals increased in some countries in 2010 but decreased from the UK and Caribbean, troubling given reliance on these markets.
3) A common tourism policy could help build resilience to variable market performance and promote intra-Caribbean and new market travel, such as Latin America. It could also reduce competition between OECS countries and
12Report on the Financial Performance City of Do.docxjesusamckone
1
2
Report on the Financial Performance City of Doral
Student Name
Masters of Accountancy,
ACG6505 Advance Governmental and Fund Accounting
Dr. Dahli Gray, CPA, CMA, CGMA, CFE
Date
Abstract
The report gives a brief history of City of Doral, how it incorporated and its current financial performance. The city makes its annual budgets by involving its resident who priorities which projects and programs should be funded based on the projected revenue. Based on the comprehensive financial reports, the corporation continues to register increase in assets; however, during the last two years, it registered a reduction in its liabilities. Such trend is beneficial for the financial stability of the corporation. The City of Doral is one of the city’s that is managed well thanks to its management format that includes manager, the council, and mayor. The city is managed as a corporation after incorporating in 2003. Due to the good management, the city attracted many investors and diversified the investments. The investment in capital assets coupled with good management led to increase in population, business opportunities and revenue. The more the business opportunities the more the city collected property taxes and served many people who paid for the services. The strategy increased its revenue base and increased its net worth. Whereas there are improvements, the analysis of the financial position shows that more controls on the liabilities are needed to reduce liabilities and increase revenue.
Keywords: net worth, assets, liabilities
Report on the Financial Performance City of Doral
Since the incorporation of City of Doral in 2003, population increased and more developments were carried out that led to increase in cash flow and revenue. More developments and investments led to increase in the city’s revenue collections. For example, in 2018 the city raised $ 12,081 billion from revenue and other charges. It is in cognizance of the city’s development and investment that the paper focuses on analyzing the trend of the value of assets, liabilities and the general net worth of the organization. Specifically, the analysis will be done by calculating relevant financial ratios appropriate in making informed judgment about the issues identified. Furthermore, the paper will document the analysis results in simple and clear terms understandable to external stakeholders of the corporation. Importantly, the report highlights the conclusions derived from the analysis and highlights appropriate recommendations based on the conclusions. The final part of the paper is the summary of the report.
History
The Founders
The City of Doral started as a real estate site after Doris and Alfred Kaskel bought land in the state of Florida in 1950s. The two were real estate developers who bought land for purposes of developing it, they bought 2400 acres of land. The land was swampy; it was located between NW 36 and 74 streets and from NW 79 to NW 117 avenues. They b.
12Report on the Financial Performance City of Do.docxaulasnilda
1
2
Report on the Financial Performance City of Doral
Student Name
Masters of Accountancy,
ACG6505 Advance Governmental and Fund Accounting
Dr. Dahli Gray, CPA, CMA, CGMA, CFE
Date
Abstract
The report gives a brief history of City of Doral, how it incorporated and its current financial performance. The city makes its annual budgets by involving its resident who priorities which projects and programs should be funded based on the projected revenue. Based on the comprehensive financial reports, the corporation continues to register increase in assets; however, during the last two years, it registered a reduction in its liabilities. Such trend is beneficial for the financial stability of the corporation. The City of Doral is one of the city’s that is managed well thanks to its management format that includes manager, the council, and mayor. The city is managed as a corporation after incorporating in 2003. Due to the good management, the city attracted many investors and diversified the investments. The investment in capital assets coupled with good management led to increase in population, business opportunities and revenue. The more the business opportunities the more the city collected property taxes and served many people who paid for the services. The strategy increased its revenue base and increased its net worth. Whereas there are improvements, the analysis of the financial position shows that more controls on the liabilities are needed to reduce liabilities and increase revenue.
Keywords: net worth, assets, liabilities
Report on the Financial Performance City of Doral
Since the incorporation of City of Doral in 2003, population increased and more developments were carried out that led to increase in cash flow and revenue. More developments and investments led to increase in the city’s revenue collections. For example, in 2018 the city raised $ 12,081 billion from revenue and other charges. It is in cognizance of the city’s development and investment that the paper focuses on analyzing the trend of the value of assets, liabilities and the general net worth of the organization. Specifically, the analysis will be done by calculating relevant financial ratios appropriate in making informed judgment about the issues identified. Furthermore, the paper will document the analysis results in simple and clear terms understandable to external stakeholders of the corporation. Importantly, the report highlights the conclusions derived from the analysis and highlights appropriate recommendations based on the conclusions. The final part of the paper is the summary of the report.
History
The Founders
The City of Doral started as a real estate site after Doris and Alfred Kaskel bought land in the state of Florida in 1950s. The two were real estate developers who bought land for purposes of developing it, they bought 2400 acres of land. The land was swampy; it was located between NW 36 and 74 streets and from NW 79 to NW 117 avenues. They b ...
- The document introduces Goa's Industrial Policy of 2003, outlining the state's history of limited industrial activity prior to liberation in 1961 and subsequent growth.
- It establishes the mission to ensure accelerated and balanced regional industrial development, economic growth, environmental protection, and sustainable employment for Goa's youth.
- The objectives include promoting identified thrust sectors, industries using local resources, export industries, rural employment, and ensuring an environmentally friendly business climate.
Zimasset revisited from the diaspora perspectiveJosh Chigwangwa
1) The document discusses Zimbabwe's economic development plan called ZimAsset and argues it should better incorporate the role of the Zimbabwean diaspora.
2) It notes that diaspora remittances are a major source of foreign currency for Zimbabwe and that most remittances are through informal channels.
3) It recommends establishing an institutional framework to better understand and utilize diaspora remittances to support economic growth, including collecting data and channeling funds through the financial system.
The Gulf Cooperation Council (GCC) is a wealthy regional grouping of six countries - Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman. They possess large oil and gas reserves and are seeking to diversify their economies through infrastructure projects. Canada has over $4.8 billion in annual trade with GCC countries and opportunities exist in sectors like infrastructure, oil and gas, agriculture, and healthcare. The Canadian government supports trade and investment with the GCC through policies and the Trade Commissioner Service.
Analysis of mines and minerals amendment bill 2007 versionZELA2013
The document discusses improving Zimbabwe's legislative framework for governing mining. It summarizes key issues in the draft bill, including license and contract awards. While the bill improves the process, it could be strengthened by introducing checks on executive power and specifying technical/financial qualifications. Adopting a standard model contract and single licensing authority would promote transparency and prevent abuse. Overall, developing a national mining policy would help define a shared vision and ensure coherent sector management.
This document discusses an initiative to develop "Emerging Diaspora Markets" (EDM) by harnessing the purchasing power of diaspora populations. It aims to foster economic linkages between developed host countries and developing countries of origin. The initiative was launched after two events highlighting opportunities in diaspora economies. It seeks to create investment funds and seed projects exploiting this opportunity. The goal is to develop EDM as a new asset class and conduit for capital flowing to lesser developed nations, capitalizing on the economic power of their citizens living abroad.
The document summarizes the findings of a study on natural resource exploitation and trade in the Great Lakes region. Some key findings include:
1) The DRC remains an important player in regional trade as an exporter of natural resources like diamonds, crude oil, cobalt and copper, and an importer of manufactured goods and food.
2) Artisanal mining of cassiterite, coltan and gold is predominant in North and South Kivu, while industrial mining of cobalt and copper dominates in Katanga province.
3) Transportation of resources is challenging due to poor infrastructure and insecurity. Air transport is common in the Kivu while Katanga has better road networks.
4) The informal
The document summarizes the findings of a study on natural resource exploitation and trade in the Great Lakes region. Some key findings include:
1) The DRC remains an important exporter of natural resources like diamonds, crude oil, cobalt and copper, and importer of food and manufactured goods. However, trade volumes have been impacted by infrastructure problems and conflict.
2) Artisanal mining of cassiterite, coltan and gold is predominant in North and South Kivu, while industrial mining of cobalt and copper dominates in Katanga province.
3) Transportation of resources differs between regions - air transport is common in Kivu due to poor roads, while Katanga has better road and rail infrastructure.
This document provides an overview of industrial development strategies in South Africa from the 1940s to present. It discusses policies and programs from apartheid like the Bantustan system, to post-apartheid initiatives such as the Reconstruction and Development Programme, Growth Employment and Redistribution policy, Black Economic Empowerment, Broad-Based Black Economic Empowerment, National Development Plan, Spatial Development Initiatives, and Industrial Development Zones. Centralization and decentralization of industry is also examined.
The document outlines Japan's grant project to introduce solar PV systems in the Federated States of Micronesia (FSM) using 530 million yen in funding. The project will install a 160 kW grid-connected PV system, including a 20 kW system at the President's Office and a 140 kW system at the College of Micronesia-FSM campus. It establishes a committee to oversee the project and discusses schedules, equipment procurement, installation, training, funding procedures, and obligations of the FSM government to ensure successful completion of the solar PV systems.
The document outlines FSM's energy policy vision and objectives to improve lives through sustainable energy and decrease reliance on imports. The strategic goals are to improve coordination, provide reliable conventional energy, increase renewable energy share above 30% by 2020, and improve 50% energy efficiency by 2020. The policy establishes an institutional framework and action plans for both national and state governments. Nationally, it focuses on data collection, coordination, and assessments. At the state level, priorities are maintaining diesel generators, expanding renewable systems like solar, and implementing efficiency programs.
This document contains national and state energy action plans for the Federated States of Micronesia (FSM). The national plan focuses on promoting energy efficiency, conservation, and renewable energy. It includes priorities like implementing energy efficient appliances, conducting energy audits and assessments, establishing building energy standards, and raising public awareness through education campaigns. Individual state plans for Yap and Chuuk are also included, outlining objectives and 10-year action plans to develop conventional and renewable energy resources with a focus on solar power and improving energy access across islands.
The Federated States of Micronesia's national energy policy aims to reduce the country's dependence on imported fossil fuels and transition to more renewable energy. Key points:
1) FSM is highly dependent on imported petroleum for electricity generation and transportation, which represents over 50% of its annual budget and 20% of GDP.
2) The policy establishes goals and objectives around renewable energy development, energy efficiency and conservation, and management of conventional energy resources.
3) It proposes an institutional framework to coordinate energy efforts across government agencies and private sector stakeholders at both the national and state levels.
The 15th Micronesian Chief Executives' Summit was held in Pohnpei, FSM from July 27-28, 2021. Key outcomes of the summit included designating Guam to host the Office of the Micronesia Center for a Sustainable Future and establishing a working group to address problems with Micronesian pension and social security systems. The summit also adopted a resolution to develop a regional ban on shark finning and called for a strategic framework to implement marine conservation programs to establish the world's first Regional Shark Sanctuary in Micronesia by December 2022. Chief Executives also issued decisions and recommendations on health, invasive species, tourism, climate change, water and sanitation. Presentations were given
The document contains electricity production data for the state of YAP from 2007 to 2012. It includes monthly and yearly totals for electricity produced, fuel used, fuel prices, and residential/commercial/government tariffs. Electricity production averaged over 1 million KWH per month from 2007 to 2011. Fuel prices fluctuated between $3-6 per gallon during this period. Tariffs for residential customers ranged from $0.13-0.40 per KWH.
The document contains electricity production data for the state of Kosrae from 2007 to 2011. It includes monthly and yearly totals for electricity produced, fuel used, fuel prices, electricity tariffs for residential, commercial and government customers. On average, electricity production was highest in 2010 at 544,977 KWH per month. Fuel prices steadily increased each year from a 2007 average of $2.64 per gallon to a 2011 average of $4.11 per gallon. Residential tariffs also increased over the period.
This document contains electricity production data for the state of Chuuk from 2007 to 2012. It includes the monthly electricity produced in kilowatt-hours, fuel used in gallons and the associated price, the amount spent on fuel, and residential, commercial, and government electricity rates per kilowatt-hour. In 2010, a total of 484,146 kilowatt-hours of electricity was produced using 428,559 gallons of fuel at a cost of $1,495,858. The average electricity produced in 2010 was 857,118 kilowatt-hours using 61,223 gallons of fuel priced at $3.4936 per gallon.
This document provides data on petroleum imports to the Federated States of Micronesia from 2000 to 2010, including gasoline, aviation/kerosene, diesel, and other products. It shows the amounts in thousands of gallons and thousands of dollars for each product imported to Chuuk, Kosrae, Pohnpei, and Yap each year. Total petroleum imports increased from 2000 to 2010 but decreased in some years. The cost per liter increased substantially from 2000 to 2010 for all product categories.
The President of the Federated States of Micronesia declared March 22, 2011 as FSM National Water Day through a presidential proclamation. The proclamation noted that clean water is essential to life but over 1 billion people lack access to it. It also recognized that the UN designated March 22 as World Water Day and that the FSM would hold a National Water Summit on that date to discuss water resources and management. The proclamation urged citizens to join in recognizing water's importance and protecting it for the future.
The document is a resolution from the Federated States of Micronesia establishing a National Water Task Force to develop a comprehensive national water and sanitation policy. It recognizes that safe water is scarce in Micronesia and threatens development and health. Despite water's importance, there is no overarching policy. The resolution creates a task force with representatives from national and state governments to draft a national water outlook, policy, and investment plan by August 2011 to strengthen water coordination and management across Micronesia.
1. The Secretariat of the Pacific Community (SPC) is celebrating the International Year of Forests in 2011 by holding competitions and awards to recognize contributions to sustainable forest management.
2. SPC will present awards of $1000 each in three categories: a forest entrepreneur award, an agroforester award, and a forest leadership award.
3. SPC is also holding a poster competition for primary school students and an essay competition for secondary school students on the topic of forests and their importance to local communities. Winners will receive cash prizes.
The FSM energy policy aims to improve lives through sustainable energy and reduce dependence on imports. Its objectives are promoting socio-economic development with affordable, reliable, and environmentally-sound energy, and increasing renewable energy and efficiency. The strategic goals are improving coordination, ensuring conventional energy is safe and affordable, increasing renewable energy to 30% by 2020, and improving efficiency 50% by 2020. The action plan focuses on developing sustainable energy databases; coordinating stable, affordable conventional supplies; supporting renewable investments; conducting renewable assessments; implementing efficiency programs; and developing standards and regulations while improving infrastructure and capacity building.
The document summarizes power plant status and tariff trends for utility companies in four parts of the Federated States of Micronesia as of May 13, 2011. It provides peak load and base load information for Yap, Chuuk, Pohnpei, and Kosrae and notes government policy has impacted Yap's residential tariff rates while Chuuk has fixed rates for each customer segment. Pohnpei's operating costs have remained unchanged at 10 cents per kWh for over 10 years.
The document provides information from the Kosrae Visitors Bureau newsletter for the second quarter of FY2011. It discusses FAM tours conducted in January-March 2011 that promoted Kosrae, PR activities in the North American market, the KVB administrator attending a conference in Chuuk, new KVB board members and a new Japanese staff member for KVB. It also outlines KVB's promotional calendar for 2011 and recaps community events, including a culture fair with senior citizens and clean-up campaigns.
The document outlines the Trade Policy of the Federated States of Micronesia (FSM). Key points include:
- The Trade Policy aims to promote export-led economic growth through private sector development and foreign investment in priority sectors like agriculture, fisheries and tourism.
- FSM's economy is currently import-dependent and aid-reliant, with weak economic performance in recent decades. Exports are low relative to imports.
- The Trade Policy seeks to consolidate existing export markets and identify new ones, including in nearby countries and FSM's key trading partners like the US.
- FSM participates in various regional trade agreements and is negotiating additional access to markets like the EU and Asia to boost exports and investment.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The Federated States of Micronesia (FSM) is collaborating in the Micronesia Challenge to conserve 30% of near-shore marine resources and 20% of terrestrial resources by 2020. This involves initiatives like ridge to reef conservation, ecological and socioeconomic assessments, protected areas planning using tools like Marxan, and addressing threats like coastal erosion, flooding, and water security. The FSM works with local partners, state governments, US agencies, SPC, SPREP, and others for coordination and support at national and local levels.
More from FSM Department of Resources & Development (20)
El Puerto de Algeciras continúa un año más como el más eficiente del continente europeo y vuelve a situarse en el “top ten” mundial, según el informe The Container Port Performance Index 2023 (CPPI), elaborado por el Banco Mundial y la consultora S&P Global.
El informe CPPI utiliza dos enfoques metodológicos diferentes para calcular la clasificación del índice: uno administrativo o técnico y otro estadístico, basado en análisis factorial (FA). Según los autores, esta dualidad pretende asegurar una clasificación que refleje con precisión el rendimiento real del puerto, a la vez que sea estadísticamente sólida. En esta edición del informe CPPI 2023, se han empleado los mismos enfoques metodológicos y se ha aplicado un método de agregación de clasificaciones para combinar los resultados de ambos enfoques y obtener una clasificación agregada.
Acolyte Episodes review (TV series) The Acolyte. Learn about the influence of the program on the Star Wars world, as well as new characters and story twists.
Here is Gabe Whitley's response to my defamation lawsuit for him calling me a rapist and perjurer in court documents.
You have to read it to believe it, but after you read it, you won't believe it. And I included eight examples of defamatory statements/
Essential Tools for Modern PR Business .pptxPragencyuk
Discover the essential tools and strategies for modern PR business success. Learn how to craft compelling news releases, leverage press release sites and news wires, stay updated with PR news, and integrate effective PR practices to enhance your brand's visibility and credibility. Elevate your PR efforts with our comprehensive guide.
An astonishing, first-of-its-kind, report by the NYT assessing damage in Ukraine. Even if the war ends tomorrow, in many places there will be nothing to go back to.
1. D EPARTMENT OF R ESOURCES &
E CONOMIC A FFAIRS
Quarterly Newsletter 1st Quarter Issue, FY2012
1 ST Q UARTER I SSUE , FY2012 T EL : (691)370-2044/3017 dres@mail.fm
KAPIT C ONCLUDED I TS W ORK ON M AJOR R EFOR M M EASURES
Kosrae Adjustment Pro- commitment to amend Kos- to revive Reduction-in-Force and economic condition of the
gram Implementation Team rae State Constitution with Program; (iii) enact legisla- State. The total adjustment re-
(KAPIT) created by Gover- the following: (i) reduce size tion to establish non-citizen quirement is for Kosrae to make
nor Executive Order and of the legislature from 14 employee registration and adjustment of over $537,000 by
chaired by Director Steven members to 10; change reve- training to citizen work- FY 2013 and $1.2 million over
L. George submitted all nue sharing between state force; (iv) enact legislation the remaining period of the
nine (9) KAPIT measures and municipal governments to increase vehicle registra- Compact. These adjustments
to Governor Jackson for from 50/50 to 70/30 with tion fees; (v) enact legisla- are necessitated by impact of
review and appropriate the higher share going to tion to introduce a General Compact decrement; the need
actions . Two of the meas- state. Sales Tax; (vi) enact legisla- for state to service its debt; and
ures which were submitted tion to increase and expand finally the need to accelerate
Seven measures submitted in
earlier were transmitted to seaport and navigation fees; Infrastructure maintenance pro-
February 2012 by KAPIT
legislature for its action. and (vii) enact legislation to jects.
involved the following: (i)
The remaining 7 measures increase airport departure
enact new legislation requir- With assistance of Attorney
are now with Governor fee.
ing payment of royalty and Harry Seymour, the work of
Jackson to review and make
research fees for those in- It is important to note that KAPIT had been significantly
determination.
volved in harvesting and all these recommendations enhanced on the part of re-
Two measures submitted in studying Kosrae s natural were made by the April search, analysis and drafting.
December 2011 by KAPIT resources and indigenous 2011 Kosrae Leadership
involved Kosrae leadership culture; (ii) enact legislation Conference to enhance fiscal
M R . R OLPHY M ONGKEYA R ECOGNIZED AS 2011 DREA E MPLOYEE OF THE Y EAR
Like other departments of the state performed his or her duties during
government, the Department of the year.
Resources and Economic Affairs
Mr. Rolphy Mongkeya, the Livestock
holds an annual social event at the
Supervisor for the Division of Agri-
end of the calendar year every year.
culture and Lands, was recognized by
DREA held its event on Thursday,
many, including his superiors, as an
December 22.
outstanding employee who had done
As it can be understood, the pur- an exceptional job. As so, Mr. .
poses of such event are many. Aside Mongkeya was fittingly recognized as
from the obvious reasons of holding the 2011 DREA Employee of the
such event in celebration of the end Year. With the presence of Governor
of the calendar year or, as a unified Jackson - along with other honorable
group, celebrating and sharing the dignitaries - and DREA employees as
holiday seasons with coworkers and well as their families Mr. Mongkeya
their families, DREA held the event accepted a certificate in recognition of Rolphy Mongkeya, 2011 DREA Employee of
also to recognize and honor the his outstanding work during the year. the Year
model employee that diligently
2. P A GE 2 D EPARTMENT OF R ESOURCES & E CONOMIC A FFAIRS
K OSRAE R EPRESENTED IN G UAM M ICRONESIAN I SLANDS F AIR
The State recognizes that promotion products; and generally increased aware- delegation was promoting were Kosrae
and trade of locally produced Kosrae ness of the State, the people and the Kos- peppered salt, sakau, Kosrae hot sauce,
products and of Kosrae itself is a viable raean culture as designees represented locally produced chips, and a few oth-
means of strengthening economic activ- the various departments, agencies, or ers. The delegation was able to perform
ity for the State of Kosrae. With decent groups mandated to perform each of the a traditional Kosraean item that was
exposure to regional as well as the in- aforementioned tasks. Designees repre- well received by the event.
ternational arena, the Guam Microne- sented, in no particular order, DREA
As stated by the delegation in their re-
sian Islands Fair was an ideal opportu- (Division of Trade & Investment); Kos-
port, the fair provided an opportunity
nity for the State of Kosrae to expand rae Visitor s Bureau; Kosrae Women s
to prove the potential products Kosrae
on its promotional efforts. Association; Kosrae Farmer s Associa-
can export to outside markets. As also
tion; Kosrae Chamber of Commerce;
Kosrae took advantage of the opportu- logged in their promotional sales re-
Kosrae State Legislature; Land Grant
nity as designees from various state de- cord, as much as $4,761 worth of prod-
Program, COMFSM, Kosrae; and the
partments, agencies or groups repre- ucts was sold in just half a day. With
municipal governments. In total, eight-
sented Kosrae in the fair. Kosrae was Kosrae and locally produced products
een (18) designees represented Kosrae to
able to promote its tourism industry; effectively promoted and represented in
the GMIF.
advertise its foreign investment oppor- the GMIF, Kosrae participation in the
tunities; promote locally produced Among a lengthy list of products that the GMIF can be deemed a success.
E CONOMIC P LANNING H IGHLIGHTS IMPLICATIONS OF T RANSPORTATION ISSUES IN
F IRST P UBLICATION
The Division of Economic Planning re- tanker vessel than frequents Kosrae on a in means of transportation could lead to
cently released its first publication in the regular basis. As implied by the few adverse impact on Kosrae s tourism
form of an economic brief. Planning s aforementioned means of transportation industry, specifically the number of
first quarter economic brief focuses on to and out of Kosrae, an existing issue visitor arrivals to Kosrae, and therefore
the economic implications of transpor- for Kosrae is the lack of airline flights to adversely impacting state revenue gen-
tation issues in Kosrae; specifically, the and from Kosrae, as well as limited cargo erated through visitor or tourist spend-
limitations in the means of intra and capacity to facilitate the State s ambition ing; impeding efforts to strengthen ex-
international transportation. for greater economic activities; particu- port of local products within the region
larly in tourism and the trade of marine and internationally, while bypassing a
As reported in the publication, limita-
and agricultural products. More specifi- potential avenue for decreasing the state
tions to intra and international means of
cally, the lack of capacity to facilitate trade deficit and potential improvement
transportation is an impediment to
potential products going out of Kosrae is to balance of payments.
growth and as so, identifying and apply-
deserving of attention and timely solu-
ing viable remedies is essential for the Adverse impact was felt by Kosrae s
tions.
economic betterment of the state. tourism industry as the lone medium of
Based on FY2010 records, Kosrae had air transportation to Kosrae reduced its
Kosrae at present, employs adequate
seventy-nine (79) airline vessel arrivals service by, on average, twenty-seven
transportation infrastructure with an
and eight (8) cargo vessel arrivals on the (27) fewer flights per quarter.
international airport servicing domestic
quarterly average. However, the second
and international flights, and two (2) Table 1 shown on page 3 shows the
to fourth quarters of FY2011 showed a
seaports servicing cargo liners along count of international arrivals to Kosrae
decrease in the quarterly average with
with other types of vessels. Improve- during fiscal years 2008 to 2011. The
fifty-two (52) arrivals a quarter, a differ-
ments to the current transportation table indicates that during the first quar-
ence of twenty-seven (27) fewer flights
infrastructure, particularly Kosrae s ter of FY2011, Kosrae had 520 interna-
between the two periods. The decrease
international airport, are in line for the tional arrivals compared to a 464 quar-
occurred primarily due to the reduction
near future to enhance airline and sea- terly average for the 2nd, 3rd and 4th
in number of flights put in effect starting
port services. Kosrae is presently ser- quarters of FY2011 subsequent to the
January, 2011.
viced by one commercial passenger air- reduction in number of flights to Kos-
line, one (1) cargo liner and one (1) Economic implications of the limitations
Cont d on page 3...
3. 1 ST Q UARTER I SSUE , FY2012 P A GE 3
...cont d from page 2: Planning Substantial effort is being put into Kosrae. However, given its current
rae. Per the foreign arrival counts indi- strengthening export of Kosrae products state, the means of transportation as it is
cated in the Table 1, Kosrae realized - specifically, marine and agricultural will continue to be an impediment to
over 10% decrease in foreign arrivals, products - as well as actively promoting positive growth. Addressing the current
reflected in FY2011 2nd quarter arri- Kosrae through various avenues of expo- state of the means of intra and interna-
vals and those of the ensuing quarters as sure. Grassroots programs are established tional transportation would be one step
well. with the intent of strengthening and sus- in the right direction toward orchestrat-
taining positive growth for the state of ing an economy of robust growth.
Kosrae has long been under unfavorable
balance of trade with levels of imports Table 1: Kosrae Arrivals (FY2009 - FY2011)
exceeding the level of export by a sig-
nificant margin. The quantities of prod- FY2009 FY2010 FY2011
ucts imported and exported depicts Period Arrivals Percent Arrivals Percent Arrivals Percent
Kosrae s trade imbalance. Per import 1st Quarter 436 23.5 433 21.6 520 27.2
and export averages for FY2008 through 2nd Quarter 466 25.1 512 25.6 462 24.2
FY2011, Kosrae imported 584,915 3rd Quarter 393 21.1 534 26.7 456 23.8
pounds of goods as opposed 21,913
pounds of goods exported during the 4th Quarter 564 30.3 524 26.2 475 24.8
same period. Total 1859 100.0 2003 100.0 1913 100.0
K OSRAE M ICROFINANCE U NION C ONTRIBUTING TO K OSRAE E CONOMY
Increasing access, level and flow of de- under DREA had been spearheading the loan in FY2011. To date, KMU had
velopment financing goes in support of effort to increase access, level and flow of disbursed fifty-two (52) loans with a
DREA s overall mission and in support development financing, particularly in total amount of $51,487 disbursed.
toward development of an outward- business and financing. KMU had taken Forty (40) KMU funded projects cur-
oriented private sector-led economy. substantial steps in the positive direction. rently remains in operation, positively
Microfinance loans were intended to contributing to the state economy.
KMU had financed a variety of small busi-
combat income poverty in the State by
nesses: piggery projects, ice shops, bak- Furthermore, according to KMU Ex-
lending to individuals and/or groups to
ery/baked goods sales, retail shops, sales ecutive Manager Kiaru Esahu, nine (9)
invest in and develop their skills to sus-
of curing water, bedding clinic, repair applications were received during the
tain a significant flow of income, and
services, small loans, among others. KMU first quarter of FY2012 and are awaiting
thus alleviating economic hardships.
had approved twenty (20) microloans av- the final approval and screening process.
Kosrae Micro Finance Union (KMU) eraging one thousand dollars ($1,000) per Screening and
Cont d on page 5...
E XPORT B RINGING N EW M ONEY TO K OSRAE E CONMY
Export of Kosrae farm produce is the Marshall Islands. Shipments of crops the quantity of products exported, a
among the grassroots programs the De- like cucumber, tangerine, eggplant, sugar total of $4,654.22 (or an average of
partment of Resources and Economic cane, watermelon, and a few others are $1,551.41 per month) of new money
Affairs continues to operate or involve supplied to various buyers on a weekly ba- is added to the Kosrae economy.
in. The Division of Trade & Investment sis.
With ongoing shipments facilitated to
under DREA - and with close collabora-
Seven (7) shipments of Kosrae produce buyers in the RMI on a consistent ba-
tion from the Kosrae Farmers Associa-
were made during the first quarter of sis, the export effort is anticipated to
tion and the Division of Agriculture &
FY2012 (October, November & Decem- be expanded to include shipments to
Lands, among others - facilitates ship-
ber). During the mentioned three months, potential market for Kosrae products
ments of Kosrae agricultural products
a total of 5,385 pounds of Kosrae products in Pohnpei. Continued expansion and
on a weekly basis.
supplied by farmers island-wide was ex- success of the export effort is vital to
A number of buyers were identified and ported to buyers in the RMI at an average Kosrae s ambition of achieving sustain-
regularly supplied from the Republic of of 1,795 pounds exported per month. With able growth of per capita income.
4. P A GE 4 D EPARTMENT OF R ESOURCES & E CONOMIC A FFAIRS
F ISHERIES & M ARINE R ESOURCES E STABLISHING FAD S YSTEM
A FAD system is a concept that is most as two (2) tons, or two-thousand (2000) juvenile fish that aggregates around the
likely to be favorable to the fisherfolks pounds. FADs, acronymic for Fish Ag- floating object, creating an ideal fishing
on the island. As one of its major activi- gregating Devices, are to be deployed area. A network of man-made floating
ties scheduled for FY 2012, the Division and located at a number of locations objects functions in a similar fashion. As
of Fisheries and Marine Resources un- island-wide: Utwe (Mosral to Inokas- FADs are deployed in selected locations
der DREA is set to establish a FAD sys- rik), Walung (Sauksa), Tafunsak island-wide, schools of fish are antici-
tem that would substantially aid fisher- (Malsu) and a fourth location to be later pated to be abundant around the FAD
men on the island in their fishing activi- determined. locations creating ideal fishing spots for
ties. fishermen. As further explained by Fish-
Conceptually, the FAD System works
eries Extension Officers, types of fish
The FAD System is made up of a num- similarly like floating logs or objects in
expected around these FAD locations
ber of fish aggregating devices. Funded the ocean. As can be understood, there
range from small fry types to big fish;
by a Japan Grassroot Grant in the is a natural tendency for fish to aggre-
i.e. Marlin.
amount of $64,311, the FAD project is gate around floating objects. Floating
designed to include four (4) anchors; objects provides a seemingly form of The FAD System is expected to posi-
three concrete anchors and one smaller protection for juvenile fish against larger tively impact the fisheries sector. As can
anchor made of an engine block. As predators in the open sea. As floating be understood, the FAD System is ex-
explained by one of the Division s Fish- objects attract schools of juvenile fish, pected to considerably aid in reducing
eries Extension Officers, each of the larger fish on the upper echelon of the the cost of fishing for fishermen. Aside
three concrete anchors weighs as much food chain are innately attracted to the
Cont d on page 5...
P ILOT F ARM P ROJECT U NDERGOES S ECOND T RIAL
In support of DREA s mission of achiev- variety of vegetable crops, some of
ing sustainable growth of per capita which are new to Kosrae and had never
income and in effort to alleviate the been produced on a consistent and pro-
economic struggles of the Kosrae popu- ductive basis. These types of crops in-
lace, the Division of Agriculture & Land clude cucumber, watermelon, bitter-
had been and still continues to explore melon, tomato, bell pepper, eggplant,
ways of achieving the stated goal pulp onion, carrot, among others. From
through agricultural production. With his experience from the farm project,
the direction of Mr. Katsu Nishikawa, a Mr. Nishikawa identified carrot and
technical cooperation specialist from the pulp onion crops as the most challeng-
Japan International Cooperation Agency ing to plant and produce. At present,
(JICA), the Division of Agriculture and the pilot project is undergoing its sec- Katsu Nishikawa working on 2nd trial farm plot
Land had been engaged in a trial farm ond trial with the initial trial completed.
project which plants a variety of vegeta-
According to Mr. Nishikawa, the first
ble crops.
trial of the farm project yielded both
Mr. Katsu Nishikawa, had been spear- satisfactory and unsatisfactory results.
heading the pilot farm project with the Some results were deemed satisfactory
assistance of the Agriculture & Land in that trial vegetable varieties yielded
Crop subdivision staff. With the under- good produce. On the contrary, as Ni-
standing that agriculture production is shikawa highlighted, trial project en-
utilized primarily for subsistence pur- countered a number of challenges that
poses, Mr. Nishikawa states that the affected the outcome of the first trial.
overall objective of the trial farm pro- Some challenges Mr. Nishikawa was
ject is to eventually commercialize Kos- able to identify were the adequacy of
rae agricultural production. fertilization, weeding and even adverse
impacts from pests like Giant African
In support of the project objective, Ni- Nishikawa (left) and Marson Jonas (right) working
Snails and mice.
shikawa is planting in his pilot farm a
Cont d on page 5... on plowed farm plot
5. 1 ST Q UARTER I SSUE , FY2012 P A GE 5
P LANNING IN DARW W ORKSHOP ...cont d from page 3: Microfinance
final approval of proposed Division of Trade & Invest-
The Division of Statistics drafted and written in more microloans is vested under ment, respectively.
under SBOC, FSMNG held relevant language and more the discretion of the Kosrae
the Data Analysis and Re- so in perspective easily under- According to KMU Execu-
Microfinance Union Board.
port Writing Workshop on stood by the ordinary census tive Manager Esahu, KMU
September 13 to October 7, user. KMU Board consists of four had disbursed its previous
2011. Reverend Madison representatives from each fifty-two approved loans in
Participants were able to en- municipality and two ex- seven batches; approxi-
Nena and Palikkun Kilaf-
hance their data analysis skills officio members represent- mately seven applicants in
wasru participated in the
with training from DARW ing the heads of the Division each batch. Furthermore,
workshop on behalf of
Workshop staff in various of Trade & Investment and KMU Board is scheduled to
DREA.
methods of analyzing and its mother department, the meet in the near future to
The DARW Workshop was interpreting large data sets, Department of Resources & carry out the final screening
intended to involve respec- particularly through the use of Economic Affairs. Board and approval process for the
tive census users in all levels MS Excel applications. Addi- officers and members are as eighth (8th) batch where
of government in the process tionally, participants were follows: President Morgan Mr. Esahu is hoping for con-
of generating a census re- also able to expand on their Jonas, Malem; Vice Presi- sensus approval of microloan
port; particularly, in the repertois of report writing dent Weston Luckymis, applicants. Moreover, when
analysis of census data and skills with the additional Lelu; Secretary Treasurer asked what types of business
preliminary drafting of the training on methods of report Mackenzie Waguk, Utwe; projects can be funded by
census report. Workshop writing provided by work- member Jonah Nena, Tafun- KMU, Mr. Esahu responded
participants represented shop staff. As fellow partici- sak; ex-officio members by stating that all projects
various departments and pants of the DARW Work- Director Steven George and that can generate revenue
agencies from states and the shop, Mr. Kilafwasru and Mr. Stanley Raffilman sitting in will be granted considera-
national government. By Nena acknowledges that such on behalf of DREA and the tion.
involving census users, skills obtained from the work-
SBOC anticipated a more shop is indeed instrumental to ...cont d from page 4: FAD of fish is expected to eventu-
relevant census report in their daily duties and deems from the obvious reason of ally decrease. In such event,
that the report would be the workshop a success. providing easier catch for any decrease in price - in this
fishermen, as schools of fish case, price of fish - would
...cont d from page 4: Pilot Farm benefit the consumer.
are aggregated and concen-
With consideration of first the same crops from the first
trated in marked locations, The mentioned benefits to
trial outcomes, Nishikawa trial.
fishermen would be able to both suppliers and consum-
and his assisting staff under-
Additionally, in efforts to concentrate their fishing ers of fish could be realized
goes the second trial with a
combat the challenges to the activities within or around in the near future as the
number of adjustment to the
trial farm, Nishikawa ac- these locations. In such completion of the FAD Sys-
trial project.
knowledges that an improved event where fishing activities tem s is expected for as early
The second trial of the pro- plantation schedule (when are concentrated in a few as March, 2012. With the
ject includes a substantially and how to plant) would be locations, as opposed to assistance of a FAD Systems
reduced number of crop substantially instrumental in roaming in open waters in Specialist from the Secre-
types. Based on the first trial combating the aforemen- search of the suitable fishing tariat of the Pacific Commu-
outcomes, it was thought tioned challenges. locations, the amount of fuel nity (SPC), Fisheries staff is
suitable to concentrate the required for a particular scheduled to compete the
Should the pilot farm project
second trial effort on a fishing activity would be deployment of FAD anchors
succeeds, Nishikawa antici-
fewer number of vegetable substantially reduced. Not on March 4. However, the
pates the State to make sub-
crops, in part due to the only the fishing community FAD System would take up
stantial effort to promote the
desire to identify the varie- could benefit from a FAD to two months to attract
crops to the community
ties of vegetable crops most System but consumers in the schools of fish and be fully
where, hopefully, Kosrae
suitable to the farming envi- fish markets could as well. effective as a means of aggre-
farmers would initiate plant-
ronment in Kosrae. As so, As catch becomes easier and gating fish and becoming a
ing of these crops with the
the second trial farm in- the market realizing increas- tool for fishermen.
intend of eventually commer-
cludes different varieties of ing abundance of fish, price
cializing their produce.