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Guam first to submit report to Congress

by Sabrina Salas Matanane

Guam - Guam evidently marks the first U.S. territory in history to ever submit the Comprehensive Annual Financial Report to Congress.  Congress mandated that every territorial governor submit this report annually and to the Secretary of the Interior. An no territory has ever done this.  Department of Administration director Benita Manglona says it was a major undertaking as it compiles 10 years worth of data.

"And it's just an evidence of a government's commitment to full disclosure and transparency because you have all these statistical information that anyone that wants to know about Guam, GovGuam's finances and how its elected leaders have done with tax payers dollars they can go to this report," she said.

She adds GovGuam applied for a federal grant to hire a consultant and staff to gather the information.

Adelup also maintains the CAFR may help Guam as it applies for higher bond ratings, which could result in lower interest payments.

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