Guam - After months of requesting for a release of their 15% reserve, BBMR has committed to the release of $7.2 million in order for the Department of Education to pay its utility bills.
This news follows Wednesday's Education Financial Supervisory Commission meeting where OPA audit supervisor Vince Duenas notes DOE continues to receive a "C" Watch through June 30th. Duenas says the status is a result of the withheld reserve funds as well as allotment releases adding that DOE must submit a corrective financial recovery plan within 20 days to the EFSC.
As we've been reporting, the 15% reserve GovGuam wide is a result of an executive order. DOE's reserve totals $30 million.
Duenas says the check for $7.2 million could be cut as early as tomorrow.