Guam – Federal spending on Guam Reached a Record High of $2.01 Billion in FY 2010.
According to a report released by GovGuam Chief Economist Gary Hiles : ”The highest level of federal expenditures or obligations on Guam to date was reached in FY 2010 substantially surpassing the prior record high of $1.54 billion in FY 2003.”
The report compiles the information from the Consolidated Federal Funds Report (CFFR) and presents the annual data in time-series format to see the trends in expenditures by various categories for FY 1997-2010. The report includes provides data by expenditure class for United States insular areas in the Pacific. These areas include Guam, CNMI, Marshall Islands, Palau and the Federated States of Micronesia.
KEY FINDINGS – GUAM
¨ Total reported federal expenditures or obligations on Guam increased 44.2% from $1.39 billion in fiscal year 2009 to $2.01 billion in FY 2010, the latest year for which complete information on federal expenditures is available. Federal expenditures or obligations for Defense were up 92.6% and Non-Defense spending or obligations were up 11.0 percent. Federal expenditure figures refer to expenditures or obligations.
¨ Total federal expenditures on Guam increased by 42 percent from $1.41 billion in FY 2005 to $2.01 billion in FY 2010. Federal expenditure totals had previously remained consistently in the $1.25 billion to $1.53 billion range between FY 2004 and FY 2009. Using the lower FY 2000 level as a base, total federal expenditures on Guam increased by 139.0 percent over the decade from FY 2000 to FY 2010. The highest level of federal expenditures or obligations on Guam to date was reached in FY 2010 substantially surpassing the prior record high of $1.54 billion in FY 2003.
¨ Total Direct Expenditures or Obligations for Defense have increased substantially, 127.6 percent, from $480.1 million in FY 1997 to $1.093 billion in FY 2010. Total Direct Expenditures or Obligations for Non Defense activities have increased even more substantially by 150.7 percent, from $366.9 million to $919.8 million.
¨ The largest change over the latest year from FY 2009 to FY 2010 was for Procurement Contracts which increased, $446.7 million or 146.5 percent. Salaries and Wages increased substantially by 20.5 percent
¨ Federal spending by expenditure category in FY 2010 is led by Procurement Contracts $751.6 million, Grants with $449.6 million followed by Salaries and Wages $376.6 million, Retirement / Disability Payments for Individuals $294.1 million, Other Direct Payments for Individuals $109.5 million and Direct Payments other than for Individuals $31.0 million.
The report is available from the Department of Labor, Bureau of Labor Statistics and will be available on-line on the Departments’ website at www.guamdol.net
The Consolidated Federal Funds Report (CFFR) is available at www.census.gov