Senators Question DOA on Accounting of Tax Revenue and Tax Credits

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The Department of Administration went before the Legislature in an Oversight Hearing Thursday

Guam -A two hour oversight hearing on the department of administrations accounting for last fiscal year got heated at times yesterday afternoon.

The Committee on Finance and Taxation questioned DOA on how funds are budgeted, especially when it comes to tax refunds. Committee Chair Mike San Nicolas says DOA is paying money out on a cash basis even though the budget is based on accruals. He says they need to choose one scenario or the other.

Following the hearing San Nicolas plans to work with Budget Committee Chair BJ Cruz to make sure the government is accounting for tax credits and Section 30 funding accurately when budgeting for the next fiscal year.