Guam – Vice Speaker B.J. Cruz has introduced a new measure that seeks to create a temporary deficit commission in an effort to address
longstanding issues with the Government’s financial position.
According to a release from the Vice Speaker, the temporary commission would propose measures to reduce the government’s annual budget deficits.
Bill No. 3 was introduced shortly after the inauguration of the 31st Guam Legislature this morning [Monday].
The bill would create an eight member panel consisting of representatives appointed by newly inaugurated Governor Edward B. Calvo and the Legislature.
Specifically, Bill No. 3 seeks to create a panel to be known as the Guam Commission on Fiscal Responsibility and Reform shall within one year submit a report and its recommendations to balance the budget by 2020. The commission will then cease to exist thirty days after its report.
Additionally, the Commission would propose specific recommendations to improve the Government’s fiscal outlook and address the solvency of the Government of Guam Retirement Fund.