Guam - Government of Guam is coming up a clean again, according to a report released today by the Office of Public Accountability. According to the report, the General Fund closed with a $265.4 million deficit, which was a significant improvement from the $415 million deficit in 2008.
The main reason for the decline was attributed to the $271 million General Obligation Bond used to pay off several of the public sector's debt.
The OPA, meanwhile, determined revenues decreased by $30 million and tax collections decrease by $12 million, as did other sources of revenue such as Section 30 monies, which decreased by $1.3 million. The OPA also noted GovGuam continues to live beyond its means as expenditures exceed revenues by $93 million.