Guam - The Office of Public Accountability has released the findings of an audit into the finances at the Guam Preservation Trust for FY2010. According to the audit the agency saw a loss in net assets of close to $1 million compared to the increase it saw of $189,000 in FY2009.
The report states the decline is a result of a decrease in building permit fees and an increase in grant projects and other operating expenditures. The audit also cited a repeat finding since 2007 relating to Guam Preservation Trust's inability to ensure the completeness of building permit fees collected. There are no numbering systems in place to keep track of the applications or building permits issued, routing slips, which are documents provided to customers for payment also lack a sequential numbering system, and dates on receipts and building permits often differ.
The audit says it is incumbent upon GPT to make more assertive inquiries to the Department of Public Works when revenues show a significant decrease in building permit fees, most notably the recent decline from FY2009 to FY2010.