Company: OIA
Filing Date: 2025-02-07
Form Type: N-2/A
Source: 0001104659-25-010545
Chunk: 193

Company: Invesco Municipal Income Opportunities Trust
Filing Date: 2025-02-07
Form: N-2/A
Chunk 193
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-19 virus, the Commonwealth suspended commercial air travel in April 2020 and again in December 2021. The Commonwealth’s real gross domestic product decreased by 29.7% in 2020, after decreasing by 11.3% in 2019. The decrease primarily reflects decreases in exports of services, private fixed investment, personal consumption expenditures and government spending. Exports of goods and services decreased 74.4% in 2020. The decrease in exports was largely accounted for by exports of services, which consists primarily of visitor spending, including on casino gambling. Revenues from casino gambling dropped over 95%. The number of visitors to the Commonwealth decreased 81.7%, reflecting the effects of the COVID-19 pandemic. The Commonwealth also faces certain unique risks, including its reliance on a foreign workforce that has the potential to result in a labor shortage. In addition, because of its geographical location, the Commonwealth is subject to natural disasters. The Commonwealth has previously experienced severe weather events that significantly impacted its economy, and any future storms, or other natural disasters, that have an adverse effect on the Commonwealth’s finances could negatively impact the marketability, liquidity or value of securities issued by the Commonwealth. C-14 Budget. The Commonwealth has run a budget deficit for many years, which means spending has consistently outpaced revenue collection. The Commonwealth’s governmental activities deficit net position increased from $480 million to a deficit net position of $580.1 million, an increase of 20.9% between fiscal years 2020 and 2021. On September 30, 2024, the Governor signed into law the Commonwealth’s budget for FY2025 (Enacted Budget). The Enacted Budget identifies total budgetary resources of approximately $158.6 million, which, after adjustments and transfers, including debt service, would leave $111.5 million for appropriations during the fiscal year. Unfunded liabilities of the Northern Mariana Islands Retirement Fund and minimum annual payments required to the Northern Mariana Islands Settlement Fund (“NMISF”) as part of a 2013 pension-related settlement present a significant risk to the fiscal condition of the Commonwealth. Pursuant to law, the Commonwealth is required to make contributions to the retirement fund each year on an actuarially funded basis toward the annuities related to retirement and other benefits. Due to recurring budget deficits, the Commonwealth has often delayed or suspended payments to the retirement fund. For the years ended September 30, 2021, 2020 and 2019,