Guam – The administration this afternoon received Speaker BJ Cruz’s budget for Fiscal Years 2018 and 2019.
“I’ve long encouraged longer-term planning and I’m glad that the Speaker agrees with us because budget planning should look ahead beyond a single fiscal year,” Governor Calvo stated.
The Governor’s fiscal team is reviewing the 195-page bill, which proposes a cut of $34 million, according to the press release from the Speaker’s office. It’s not immediately clear where the $34 million cuts are from.
In 2011, the administration proposed a biennial program and financial plan at a time when austerity measures were absolutely necessary, considering our near $400 million deficit (most of that was moneys owed to the people of Guam in the form of tax refunds going back four to five years) and the tenuous cash position of the time.
The biennial budget proposed in 2011 included flexibility, which also is necessary when you’re looking that far ahead so we’re not creating more problems than we’re trying to solve.