Which team has the best approach to achieve this goal?
“Guam has a history of structural imbalance in its general fund, including recurring deficits, a very large negative general fund balance, and massive long-term liabilities,” S&P Global Ratings said in its March 7, 2018 report that placed the government of Guam under credit watch, affecting about $10 million in general obligation bonds and $177 million in certificates of participation. This is annotation is pretty much a mainstay in credit rating agencies’ reports.
For the continuation of our Q&A series, we asked each gubernatorial team what budget-balancing strategy they would implement if elected into office. Their responses are as follows:
Carl Gutierrez- Fred Bordallo (D)
In order to balance Guam’s budget, the Gutierrez Bordallo team would first gather all facts to best understand our island’s financial position. We would enlist the assistance of professional accounting services to ascertain what the true annual budget really is. Our team would then create a conservative budget estimate based on the best anticipated revenues and not inflate the projections.