Guam – GovGuam has received a low score of 2.81 out of 10 on its most recent Performeter report released by the Office of Public Accountability.
The Performeter is an analysis of a government’s financial statements. Its used to measure government financial performance. It was conducted by Crawford & Associates for DOI’s Office of Insular Affairs.
2.81 is Guam’s highest score in eight years, but it is still the lowest score among the eight insular areas analyzed.
The Performeter uses 12 individual ratios to identify financial warning signals and provides an overall rating as a collective benchmark of a government’s success as a whole.
In FY 2012, GovGuam received 10 unfavorable ratings out of the 12 ratios and an unfavorable overall rating, indicating the continued deterioration of its financial condition.
Public Auditor Doris Flores Brooks told PNC News that the low score means that GovGuam “continues to spend more than what we have taken in”
Prior Year Performeter Scores for GovGuam
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
2.81 2.73 1.27 1.30 1.31 2.66 1.32 1.70 2.86 2.21
The report blames the relatively unfavorable rating on GovGuam’s cumulative deficit of about $194.2 million.
However the report credits the slight increase in last year’s score to:
*the slight reduction in the overall deficit of the government
* an improvement in the operational deficit of the General Fund due to bond proceeds of $352.7M
* the implementation of Government Accounting Standards Board Statement No. 54 (GASB 54)