FY13 financial detailed - KUAM.com-KUAM News: On Air. Online. On Demand.

FY13 financial detailed

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 by Sabrina Salas Matanane

Guam - The Guam Office of Public Accountability released the results of an audit into the Government of Guam’s fiscal year 2013 financials. According to the findings Govguam, which is a billion-dollar entity, ended FY13 with a $2.3 million surplus. According to a release from Adelup, the Calvo Tenorio administration eliminated the two-decade old deficit in Fiscal Year 2012 and the audit of how the government collected and spent your money in FY2013 confirms no total deficit for another year. The audit released today however also noted that although there were record high revenues reported at $610 million, operating expenditures net of transfers amounted to $659 million resulting in over expenditures of $48 million. The OPA cautioned GovGuam to be diligent in its spending and to live within its expected revenues. The OPA also recommended significant investments in technology to include new Financial Management Information Systems to provide regular, current and reliable information as to the state of the condition of the government.

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