Guam – The Tourist Attraction Fund [TAF] ended the 2012 Fiscal year with the highest level of tax revenues in over a decade.
According to the latest audit released by the Office of Public Accountability [OPA], revenue for the TAF increased by $3.1 million dollars from $23M to $26.1M in FY ’12.
Operating revenues also increased by $943 thousand dollars, but the Fund still finished the FY ’12 with a $1.3 million dollars increase in its balance.
Independent Auditors Deloitte & Touche, LLP rendered an unqualified (clean) opinion for TAF’s financial audit.
And the audit highlights state that the Department of Administration “is to be congratulated for there are no findings on TAF’s internal control over financial reporting and compliance.”
But, the auditors issued a management letter which identified one control deficiency pertaining to the recording of encumbrances.