Guam – Governor Eddie Calvo today unveiled his proposed budget for Fiscal Year 2015.
It projects a 7.3% increase in revenue in FY ’15. Its enough, he says, to cover not only the cost of the Hay pay increases, but to provide additional funding for education and public safety too.
The Governor called the his latest Budget proposal “an investment in the future.”
“We’ve reached a point with this Government where we are stable” said the Governor.
The FY 2015 Budget projects total revenues of $863.8 million dollars, about $59 million dollars more than last year. The Governor said he is confident in that projection.
“Bottom line, most of this is government construction projects, either federal or local … so these are already set. Bonds have already been sold, its now just the moving forward of the construction activity .. we feel very confident.”
BBMR Director John Rios said the projected 7.3% percent increase in revenue will come primarily from growth in tourism, growth in the construction and in military activity.
“Basically there are a number of federal government approved, close to $494 million in construction projects. And they’re not ‘military buildup’, projects, those we haven’t even anticipated, until we know that its going to come. This is all infrastructure projects”, said Rios.
And the Administration said the 7.3% projected growth in revenue should enable additional funding for education, principally $4-million dollars for a pre-K program, and more funds for additional police cars and ambulances.
The 2015 Budget was delivered to the legislature last Friday afternoon. Lawmakers took it up in Session today and will hash through the details in the weeks and months ahead.