Guam – Governor-elect Eddie Calvo and other newly-elected governors are tackling financial problems at the National Governors Association’s New Governors Seminar.
Governor-elect Calvo and other chief executives discussed unfunded liabilities of pension plans. This unfunded liability has hovered over $1 billion for years.
“We’re going to take a look at our Defined Contributions plan and see how we can make the retirement system better for our employees,” Governor-elect Calvo said.
Most of the day, however, was focused on state and territorial budget problems. The NGA showed how many states tackle the financial challenges brought on by deficits and decreased revenue streams. Several governors gave their insight on how to develop annual budgets in difficult financial times.
“I want to get a grip on the government’s finances early on so we can begin fixing the problems and converting fiscal planning to a performance-based budget model,” Governor-elect Calvo said. Performance-based budgeting is a best practice already used by the federal government and some state and county governments. “We cannot solely rely on the coming economic boom to fix all of Guam’s problems. We will take the best ideas, and use them to help our people.”
Governor-elect Calvo is a fiscal conservative, known to balance budgets while placing high priority on social priorities and services for the less fortunate.
Visit to the Air Force Academy
[ Governor-elect Eddie Calvo meets with Air Force Academy Cadet Dominic Leon Guerrero. The Governor-elect was the guest of honor when he arrived at the academy, and was invited to meet cadets and airmen from Guam by Cadet Leon Guerrero.]
Governor-elect Calvo also visited the United States Air Force Academy in nearby Colorado Springs. He was invited to meet students and enlisted airmen from Guam at the Academy by Cadet Dominic Leon Guerrero. More than 4,000 cadets and senior faculty greeted Governor-elect Calvo as their guest of honor.
“We got an email from Cadet Leon Guerrero, who heard I would be in the area for the NGA conference,” Governor-elect Calvo said. “I learned about the nearby Academy and I could not turn down an invitation to visit our troops and cadets, especially Guam’s sons and daughters. These cadets and airmen are the future leaders for our nation’s military. We are a patriotic island, grateful for the sacrifices they and their families make for our freedom. They make us all very proud.”
(0055) Governor-elect Eddie Calvo is greeted as the guest of honor when he arrives at the United States Air Force Academy in Colorado Springs. He was invited to meet cadets and airmen from Guam by Cadet Dominic Leon Guerrero, who is in the center.