Duenas wants to know if GovGuam truly has a surplus

The government's current fiscal status came up in a discussion during this week's emergency legislative session. Minority leader Chris Duenas said before they decide on spending another $25 million from the General Fund for the power bill credits, they need to know if the General Fund still truly has a surplus.

Senator Duenas referenced the financial statements audit released this week by Public Auditor B.J. Cruz. They indicate that the General Fund ended Fiscal Year 2021 in the black by $30 million, the first surplus since 2013. But Duenas said in deliberating on the GPA credit bill, they need to take into account how much was actually expended of all the legislative appropriations that were passed since then.

"The audited financials in 2021 $79.2 million above adopted revenues, but the final number is $30.5 million," he pointed out. "Obviously, there was deficit elimination, bills that we don't know what was paid,  so if we appropriated close to $79 million of that excess revenue, after everything's closed and the audit goes forward and we only have $30.5 million of the audited revenue, there is a suspicion that there could be a $40 million deficit."

Said Cruz, "I think if financial manage

 

ment does the controls they can stay within the budgeted amount and any excess that might be received  as a result of the revenue projection being as low as it was. 24023

But Duenas reiterated his point - that he's not so sure the Guam Legislature hasn't already appropriated beyond whatever surplus was available.

"You have no control over what the governor does," he stated. "The governor can say absolutely all those bills passed, all that money's been encumbered, all that money's expended. But you appropriated to $79 [million] and the audited revenue available is only $30.5M, then you've got a $40 million-plus deficit. So yo've got to carry that forward and take that into consideration because as you said, the CRER will adjust if this bill passes."

And on that note he said, expect some amendments from him on Monday.