by Sabrina Salas Matanane

Guam - The Office of Public Accountability has released the Guam Economic Development Authority's Fiscal Year 2012 financial audit.

Independent auditors Deloitte & Touche issued an unqualified or clean opinion on GEDA's FY2012 financial statements which stems from 13 audit adjustments made for the authority along with the State Small Business Credit Initiative and the Tobacco Settlement Authority. SSBCI and TSA cumulatively decreased net assets by $4.3 million and three audit adjustments made for the trust funds that cumulatively decreased net assets by $95,000.

The financial highlights show that for FY2012, GEDA closed with an increase in net assets of $56,000 with revenues increasing by 7% or $338,000 from $4. 7 million in FY2011 to $5.1 million. Expenses meanwhile remained relatively the same to FY2011 at $2.7 million.

The audits notes that GEDA is to be commended as this is the ninth year with no instances of noncompliance in their financial statements. To read the financial audit, log on to guamopa.org.