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.
Guam High School and surrounding homes at Naval Hospital have been evacuated after a bomb threat is called in Thursday afternoon. The threat specifically targeted the school. GPD and Navy police are sweeping the area with K-9 units. The Naval Base Guam Explosive Ordnance Disposal unit is standing by in the event anything is found. Guam Homeland Security officials say all measures are being taken to ensure the safety of the public and first responders involved.More >>