OPA profiles GovGuam's financial health - KUAM.com-KUAM News: On Air. Online. On Demand.

OPA profiles GovGuam's financial health

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by Nick Delgado

Guam - The Government of Guam has received the lowest score regarding its financial health among the ten other insular areas similarly analyzed. According to a report from the Office of Public Accountability, the island's public sector does not live within its spending means.

The report shows that at the end of Fiscal Year 2008, GovGuam's net assets deficiency increased by $78.2 million, indicating a continued deterioration of its financial condition. However, the audit does show that the Department of Administration made significant efforts to resolve cumulative questioned costs, now at $1.8 million, down from $51.3 million in 2002.

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