OPA releases GovGuam FY12 financial statements
For the first time in over 15 years, the Government of Guam ended the fiscal year with a surplus - over $30 million to be exact.
By KUAM NewsGuam - For the first time in over 15 years, the Government of Guam ended the fiscal year with a surplus - over $30 million to be exact. That's according to the Office of Public Accountability's GovGuam FY2012 financial statements released today.
The surplus is attributed to bond proceeds and the government accounting standards board statement implementation along with record high revenues of close to $600 million. The OPA further highlights that while GovGuam's financial statements has been issued an unqualified or clean opinion, beginning net assets of governmental activities have been restated due to the understatement of deferred revenues and payables to federal agencies of $14.3 million. To read the highlights go to GuamOPA.org.