Methionyl-tRNA formyltransferase; catalyzes formylation of mitochondria initiator Met-tRNA and residual cytosolic Met-tRNA due to inefficient translocation into the mitochondrial matrix; starvation or stationary phase entry increases Gcn2p phosphorylation-mediated cytosolic retention of Fmt1p, enhancing N-terminal protein formylation and ultimately N-end rule pathway mediated destruction that involves the Psh1p ubiquitin ligase; potential Cdc28p substrate