Adelup: no deficit in financials - KUAM.com-KUAM News: On Air. Online. On Demand.

Adelup: no deficit in financials

Posted: Updated:
 by Ken Quintanilla

Guam - The Governor's Office held a press conference this afternoon to clarify a media report that a recent audit by the Guam Office of Public Accountability of FY2013 financials showed a deficit.

Governor's communications director Troy Torres says that could not be further from the truth. He says GovGuam not only doesn't have a deficit but also that there are two surpluses that occurred in Fiscal Year 2013.  "One if this $2.3 million the second is the net assets in the Government of Guam for several years I think for 10 years before Fiscal Year 2012 there was always a net deficiency of assets meaning the Government of Guam had more liabilities than it did assets. In FY2013 it was reported there were $1.9 billion in GovGuam assets compared to $1.7 billion in liabilities and that would include  long term debts in those liabilities as well so we had a positive net asset position of about $200 million," he said.

Torres says the bottomline for the past two fiscal years there was a surplus. He added according their research thus far, the back to back surplus recorded in FY2012 and FY2013 hasn't happened before.

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