Island Governments Address Audit and Workforce Challenges at IGFOA 2024 Winter Meeting

The Island Government Finance Officers Association (IGFOA) convened its annual winter meeting in Honolulu, Hawaii, from December 10-12, 2024. The conference brought together public sector finance leaders and their staff from across the insular jurisdictions, including the Commonwealth of the Northern Mariana Islands (CNMI), Guam, Palau, the Marshall Islands, the U.S. Virgin Islands, and the Federated States of Micronesia. Focused on strengthening financial management in the region, the conference addressed critical issues, including single audit timeliness, workforce challenges, and strategies for improving financial office performance.

Ms. Tracy Norita, Secretary of Finance for the Commonwealth of the Northern Mariana Islands, delivered the opening remarks. In her speech, she emphasized the importance of IGFOA and the vital role of government work, saying, "We are here to make a difference. Let’s keep up the good work, support each other, and ensure our efforts create a lasting impact for future generations."

^{“We are here to make a difference. Let’s continue the good work, support one another, and ensure our efforts leave a lasting impact for future generations.” - Tracy Norita, Secretary of Finance CNMI}

The conference brought together leaders and finance staff from insular governments, representatives from the U.S. Department of the Interior’s Office of Insular Affairs, and subject matter experts who understand the unique challenges of insular governments. Key Discussions and highlights of the conference included:

Single Audit Timeliness
Participants shared updates on the progress of their single audits and discussed strategies to reduce audit delays and improve overall timeliness.

Audit Timeliness: Trends and Challenges
Recent trends in audit delays were shared, focusing on common causes and opportunities for improvement.

Demographic Trends and Talent Acquisition
Participants discussed the effects of workforce outmigration in the insular areas on public sector talent acquisition and retention. They also shared strategies to address staffing constraints and build sustainable finance teams.

Performeter and GASB Updates
Updates on GASB Statements 100–104 provided participants with guidance on upcoming reporting requirements. The latest Performeter analysis, which evaluates the financial health of insular governments, was also presented and discussed.

DOI Office of Insular Affairs Updates
Representatives from the U.S. Department of the Interior's Office of Insular Affairs introduced the new audit liaison, shared program updates and confirmed their ongoing support for insular governments.

Action Planning for 2024
Participants developed action plans to address jurisdiction-specific operational challenges. These plans focused on reducing audit delays and improving performance measures within finance offices.

Honorable David Paul, Minister of Finance for the Republic of the Marshall Islands, shared in his closing remarks, “This has truly been a great experience and a learning opportunity for me. I’ve gotten to know a lot of good people and connected with individuals who are tremendous resources.” His remarks reflect the mission of the IGFOA, which brings together finance leaders from insular governments to strengthen collaboration and support effective management of public sector finances.

The IGFOA will meet virtually in April 2025 to review progress on action plans. The next in-person meeting will occur in Washington, DC, from June 29 – July 2, 2025, alongside the Government Finance Officers Association (GFOA) summer meeting.

The IGFOA is supported by the Graduate School USA's Pacific and Virgin Islands Training Initiatives (PITI-VITI), with funding from the Department of the Interior's Office of Insular Affairs (www.doi.gov/oia). For more information about IGFOA and future events, visit the PITI-VITI website: https://pitiviti.org/igfoa.