Cruz says he was told by DOA today(Tues) that $9.3 million in revenues recorded for April was just a paper entry and not actual cash.
Guam – Vice-Speaker B.J. Cruz will be holding a budget oversight hearing next Tuesday in order to get an accurate picture of GovGuam’s current financial position.
Last week the Vice-Speaker wrote a letter to DOA asking them to confirm whether or not the $9.3 million dollars in withholding taxes recorded as revenues for April was actual cash or just a paper entry. Cruz says he was told by DOA today that it is just a paper entry which means that GovGuam was actually short by $14.5 million dollars in revenues for the month of April.
“April is supposed to be the best month and it obviously wasn’t and I think we just need to have an honest discussion a forthright discussion about what our situation is so we can adequately plan for this upcoming year,” said Vice-Speaker Cruz.
The Vice-Speaker says it’s especially important to get a clear picture of GovGuam finances in light of the Public Auditors announcement that last fiscal year is showing a $25-$30 million dollar deficit.