OPA: Guam Visitors Bureau Ends FY ’12 With $3.1M Surplus

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Guam -The Guam Visitors Bureau [GVB] closed Fiscal Year 2012 with a $3.1 million dollar increase in net assets.

According to the latest audit released by the Office of Public Accountability, that is nearly double the $1.6 million dollars in assets at the end of the 2011 Fiscal Year.

GVB received an “unqualified (clean) opinion” from independent auditors Deloitte & Touche gave GVB.”

READ the OPA’s Highlights of the audit of the Guam Visitors Bureau HERE

GVB’s revenues come primarily from the Tourist Attraction Fund [TAF] which gets its money from the 11% occupancy tax imposed on hotel guests.

2012 GVB REVENUES:

* 2012 TAF – $14.6M in 2012,  up from $12.2M in 2011

* 2012 In-kind Contributions – $84K. A decline of 93% from $1.1M in 2011s

* 2012 ARRA Funding – $172K

Although GVB is not a recipient of federal aid, the auditors commended GVB “for its equivalence to a ‘low-risk auditee’ as the auditors have not identified any material weaknesses and significant deficiencies for the past three years.”