by Nick Delgado
Guam - Governor Eddie Calvo's solution to stave off the layoffs, the tax refund bond that's been proposed, was the focus of today's special economic services meeting. Acting Bureau of Budget Management & Research director John Rios presented the Administration's revenue projections for the next five years, which according to their figures would result in a significant surplus by 2016 - as long as the government pursues the $330+ million bond.
Senator Ben Pangelinan said, "We're gonna have a $77 million surplus by 2016?", to which Rios replied, "And the big effect here is if we are really considering the tax refund bond and stuff it really if you look at that affect. First of all you in the first two years you have that debt service relief which would really help the budget."
The Administration's fiscal team admitted that the revenue projections did not include the eventual implementation of the hay study that was frozen earlier this year or the 10% raises for law enforcement personnel.