The Government of Guam will have just over $1 billion to spend next fiscal year on operations and obligations.  The Fiscal Year 2023 budget session began today with a presentation by the Legislature's Office of Finance & Budget. 

The group's director, Steve Guerrero, announced, "Since the beginning of FY2022, revenue collections in the General Fund major categories exceeded projected revenues by the first nine months of the fiscal year, continuing these trends, the year-end projections of the General Funds collected will be exceeding FY22 revenue projections at this point by $99.5 million."

The breakdown has General Fund revenue at $713.2 million, or about 70 percent of collections; special funds at $199.6 million, or 19.5 percent; and federal matching funds at $109.5 million, or about 10.5 percent.

However, Guerrero says the special funds are coming up a little short, noting, "of the six major special fund revenues, five are currently tracking below projected revenue collections with a combined projected shortfall of about $8.2 million."

Once senators adopt a revenue projection, they will go over the proposed spending plan line-by-line, and must submit a budget to the governor by August 31.