Gov. Lou Leon Guerrero congratulated her administration for nearly eliminating the government of Guam deficit and showing a surplus of $46.28 million in the general fund.
Unaudited financial statements for the end of fiscal 2020 show the government deficit dropping to $1.57 million or 0.2 percent of reported revenues.
“As I stated in my first year in office, our island was in a period of transition. Whatever conditions our administration inherited, we promised to move forward. To almost completely eliminate the deficit of over $83 million is a direct result of our commitment to fiscal discipline,” said Gov. Lou Leon Guerrero.
While mentioning federal support in passing, the governor did not bring up the $118 million in federal pandemic relief aid received by GovGuam from CARES Act. It was equivalent to 12.3 percent of GovGuam's $954 million budget in fiscal 2020.
In total, the federal government infused $1.6 billion into the Guam economy through various forms of pandemic relief assistance distributed to individuals, businesses, n