GovGuam's cash flow not looking good - KUAM.com-KUAM News: On Air. Online. On Demand.

GovGuam's cash flow not looking good

by Sabrina Salas Matanane

Guam - The numbers don't look good. That's the word from Adelup after the new director of the Department of Administration Gener Deliquina presented the government's cash flow projection to the governor's fiscal policy team. According to the report, the government had a negative $2 million cash balance going into this fiscal year.

Deliquina also reported the government this year is expected to receive $965 million and spend $914 million. That's $51 million left, of which amount $42 million is Section 30 monies that are already obligated. Realistically then that means there's only $10 million left to bay unbudgeted obligations of the government due this year.

And its gets worse.

According to Adelup, the government may be short about $116 million in cash to pay for the operations of the government.  There are four options to deal with the cash crisis: cut $116 million in expenditures, raise $116 million in revenues, borrow $116 million in bonds, or a combination of any of these three.

The governor's chief fiscal adviser, Bernadette Artero, is reviewing the information received today and will be making recommendations to the governor shortly.

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