Gov Guam has achieved financial stability says Financial Experts during a recent budget hearing.
Lawmakers came together to discuss the budget for the upcoming fiscal year.
PNC’s Damen Michael has this story
Lawmakers, a panel inclusive of the Office of Finance & Budget, and directors of DOA, DRT, and BBMR came together to begin deliberating on the upcoming fiscal year 2023’s budget for the Government of Guam.
In his opening remarks Steve Guerrero, Director for the Office of Finance and Budgets told lawmakers that the government of Guam has made financial advancements since the start of the pandemic.
He added, ” continue military projects and other pandemic federal assistance funds has helped mitigate revenue losses in both the private and government coffers the expiration of these federal funds these federal assistance funds will have a financial impact on the local economy and government revenues however as these conditions do present themselves the government has made financial advancements over the past two and a half years since the start of the pandemic to achieve financial stability .”
In the OFB’s Budget & Allocation Overview presentation Guerrero reports that the total overall revenue for the fiscal year 2023 would be approximately more than $1 billion.
Revenue breakdown appropriations comprise a majority coming from the General Fund of approximately 713 million dollars, 199 million dollars from the special Special Funds Revenue, and lastly Federal Matching Grants-In-Aid of approximately 109 million dollars.
Lestor Carlson, Director of the Bureau of Budget and Management Research said that although the executive budget request was submitted in January of this year there was overall positive progress.
Adding that he aggress with some of the changes, as over time there has been some upward movement in some of the revenue categories.
Carlson added, ” I have a back of the napkin estimate for the first week of august that substantiates OFB’s general fund revenue levels across the board.”
Furthermore, Director Carlson said, ” we are off to a very very good start, we see no reason for any discomfort in adopting the revenue levels that are contained in the substitute bill, we see them as being well thought out and thoroughly achievable.”
Reporting for the Pacific News Centre
I’m Damen Michael