CY 2003: First Quarter Summary Report

Total social security contribution for the first quarter of 2003 amounted to $3.0 million, which is $724 thousand (or 32%) more than the tax collections registered during the same period of the preceding year. This increase is accredited to Chuuk State’s renewed effort to pay their past account. Additionally, another $231 thousand in delinquent taxes for 2002 were also paid during the first quarter of 2003.
Benefit payments likewise registered another 8% rise from $2.5 million for last year to $2.7 million during the 1st quarter of 2003. There were 18,041 recipients for the first quarter of 2003 as opposed to 17,654 of the same period last year. Furthermore, operating costs posted another $49 thousand increase from $135 thousand last year to $185 thousand this year.
Although investments did not register a net income during the first quarter 2003, the loss of $82 thousand is 65% less than the $233 thousand losses suffered during the same period last year.

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• CY 2003: First
  Quarter Summary
  Report