Adelup says fiscal plan not needed - KUAM.com-KUAM News: On Air. Online. On Demand.

Adelup says fiscal plan not needed

Posted: Updated:

by Mindy Aguon

Guam - Appropriations and Taxation Committee chairman Senator Ben Pangelinan was surprised the administration didn't meet his deadline to submit a Fiscal Realignment Plan, but he's actually pleased by their inaction.  Pangelinan explains that by not submitting the plan, the Administration realizes revenues are tracking and even exceeded the budget.

For the first quarter of this fiscal year, the Government of Guam collected a half-million dollars more than was projected and Pangelinan says the budget also provides for reserving $2 million for prior year obligations. "That's why I'm asking the governor if you're going to use this money, which includes income tax refunds reserve, to pay prior year then you'd better tell me where you're going to take it from," he explained.

"That's the fiscal realignment plan I'm looking for. We already know he wants to take it from the Hay Study, but it's a bigger nut than that. Where's it going to come from."

The Calvo Administration has said it is trying to get a handle on the cash situation of the government.  A cash assessment is still being conducted along with identifying solutions to pay down the government's deficit.  Pangelinan has asked the fiscal team to bring those solutions to the table.

Powered by Frankly