GovGuam posts $31.9M in surplus

Adelup claims full credit for financial stability, skipping reference to federal aid

By Pacific Island Times News Staff

The government of Guam's financial statements for fiscal 2021 showed a $31.9-million surplus in the general fund, the Office of the Governor reported today, citing a yet-to-be audited financial report.

Adelup noted that the general fund deficit balance started at $59.6 million in 2014 and ballooned to $119.2 million the following fiscal year.

Claiming full credit for the government's financial stability without mentioning the federal aid, administration officials said, "Control of expenditures and improved tax collections are the foundations of this surplus."

Guam economists said the territory has received close to $4.5 billion in federal Covid-19 relief funds since 2020.

ADVERTISEMENT

“Sound financial management is a hallmark of our administration,” Gov. Lou Leon Guerrero, skipping to mention the federal aid received by Guam.

“Timely payment of tax refunds and vendor obligations are benefits of strict fiscal discipline practiced throughout the government over the past three years. This discipline has led to the complete elimination of the $83 million general fund deficit recorded at the end of FY 2018. This achievement also strengthens Guam’sposition in the financial market, including those with credit rating agencies and bond investors.”

“The commitment of all agencies to sound fiscal management in their daily operations has demonstrated how each entity understands and shares the goal of financial stability,” said Lt. Gov. Josh Tenorio.

Subscribe to

our digital

monthly edition