OPA: PBS Guam’s Revenue & Net Assets Fall

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Guam – PBS Guam’s revenues and net assets fell in Fiscal Year 2010 according to the latest audit released today [Monday] by the Office of Public Accountability.

The audit was conducted by independent auditors Deloitte and Touche.

It found that PBS revenues fell $2.6 million from $4.3M to $1.6M. The reason was “due primarily to a one-time infusion of a $2.5 million grant to purchase and install a digital tower in 2009 that did not carry [over] in 2010.”  Net assets also fell by $204-thousand.

Read the PBS audit Highlights

Among the Highlights:

*total expenses decreased by 8% from $1.9M to $1.8M.

* Community Service grants decreased by $148-thousand from $770-thousand to $622-thousand.

* Government of Guam appropriations were up slightly from %596-thousand to $610-thousand.

The auditors gave PBS Guam an unqualified clean opinion. And this was the third year in a row that no material weaknesses were found.

However, a separate management letter was issued containing two control deficiencies relating to accounts receivables and bank reconciliations. Adn the auditors also made 5 adjustments which had the effect o reducing net assets by $5,200.