Calvo's budget being discussed - KUAM.com-KUAM News: On Air. Online. On Demand.

Calvo's budget being discussed

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by Sabrina Salas Matanane

Guam - Lawmakers will begin the process of digesting and dissecting the governor's budget submitted last Friday. It is a biennial spending plan for Fiscal Years 2012 and 2013.

According to the numbers the revenue projection for FY2012 was estimated at $677.4 million while the projection for FY2013 was pegged at $573.2 million. The governor said the numbers are conservative; included in the budget is a 2% reserve for both fiscal years. And one of the big ticket items: a $344 million loan to be secured in 2013 to payoff all past due tax refunds, and eliminate almost all of the government's deficit and erase the government's cash shortfall.

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