by Mindy Aguon
Guam - The Department of Administration may want $12 million from the Port Authority of Guam to be paid to the Autonomous Agency Infrastructure Collection Fund for payment in lieu of taxes, but the Port's financial analysis shows GovGuam actually owes the agency money.
PAG Financial Affairs Controller Jose Guevara says the public law that required the autonomous agencies pay $800,000 each year also requires that money come from the agency's operating surplus. Today Guevara told the board that six of the 14 years they were billed, the Port Authority sustained losses.
"So if you were calculating those six fiscal years at the $800,000 plus per year, the total amount is $5.2 million - that should be removed from that DOA billing," he explained.
Guevara noted that the agency paid $3.5 million to the Fund in 1997 and was never reimbursed $2 million dollars for payment to the Supertyphoon Paka Fund; and another $258,000 paid to early out employees that should've been paid back, plus the millions in government services that are funded by the port's operating funds.
The bottom line, Guevara says, is that the Port has overpaid the Government of Guam by $3 million and the agency will not have an operating surplus for the current fiscal year.