Governor says revenue loss won’t be as bad as initially feared

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Tumon and the restaurant industry in general have been adversely affected by the COVID-19 pandemic. But relief may be coming soon as GEDA is preparing a commercial rent relief program for businesses. (PNC file photo)

During her Wednesday afternoon news conference, Gov. Lou Leon Guerrero also spoke about job losses and the expected decline in GovGuam revenues, but she doesn’t think it will be as bad as many initially feared.

The Hotel Occupancy Tax and the Tourist Attraction Fund will fall far short of last year’s projections.

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But the governor pointed to the millions of dollars in federal aid that has and will continue to pour in over the coming months and weeks.

And while there will still be a net loss of revenue, it may only be in the $4 million range.

“I don’t see a big, big, big loss in our revenues. We’re looking at maybe, if you look at the CRER (Consolidated Revenue Expenditure Report), we’re looking at the end of this fiscal year to be a negative $4-point some million dollars,” the governor said.

She acknowledged, however, that the projected income for the 2021 fiscal year will still be a challenge. But she expressed the hope that local and federal government spending coupled with spending on the military buildup will help ease the short-fall in tourism revenues.

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