Audit says GovGuam deficit improved greatly - KUAM.com-KUAM News: On Air. Online. On Demand.

Audit says GovGuam deficit improved greatly

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by Sabrina Salas Matanane

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.

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