by Mindy Aguon
Guam - Public Auditor Doris Flores Brooks is still compiling a list of the government's liabilities as she reviews the finances with the Calvo's Administration's fiscal team. The governor mentioned in his State of the Island Address, that the government's deficit has grown to more than $349,000,000.
Brooks says in Fiscal Year 2010 the government over spent by more than $84,000,000 and Fiscal Year 2011 appears to be on a similar track as it continues to spend more than what it takes in. While the governor talked about obtaining bond financing to pay down the debt, Brooks says she's disappointed Calvo won't consider tax increases.
"But there are probably areas that we should look at, historically real estate taxes have been very low and maybe it's time to bite the bullet. To say that we can fully retire everything just by cutting is not realistic," she told KUAM News.
Brooks is expected to meet with the Administration's fiscal team again next week and says her final report on the liabilities of the government will be released shortly after.