Chuuk State Treasury to Release 441 Checks in Federal Program Payments of Prior Year Obligations

Press Release #0409-32
Palikir, Pohnpei – FSM Information Services
April 22, 2009

The Chuuk State Treasury will release this week 441 checks mostly to vendors and some individuals for payment of prior year obligations incurred under various U.S. Federal Programs. This is the result of efforts by the National and State Treasury staff to reconcile their Federal Program records.

This work has been completed for Pohnpei and Chuuk (work with Yap and Kosrae are underway), and in both cases the reconciliation of records resulted in the National Treasury owing the State Treasuries in reimbursements.

The funds were deposited and paid out of the Chuuk Debt Relief Account created by statute back in 2007 when the State Leadership resolved to implement a set of measures that will eventually eliminate all the State’s outstanding debts. The payment of these prior year obligations will reduce the state’s debt by $298,000, and the State Treasury is working on processing payment for another approximately $100,000 in payments.