Hagåtña, Guam – The Leon Guerrero-Tenorio Administration achieved another milestone in fiscal responsibility. The financial statements for the year ended September 30, 2021 report a surplus in the Government General Fund of $31.9 million (unaudited).
The General Fund deficit balance which started in FY 2014 at $59.6 million and reached its highest point of $119.2 million in FY 2015 now reports a $30.4 million (unaudited) positive/surplus balance. Control of expenditures and improved tax collections are the foundations of this surplus.
“Sound financial management is a hallmark of our administration,” said Governor Lou Leon Guerrero. “Timely payment of tax refunds and vendor obligations are benefits of strict fiscal discipline practiced throughout the government over the past three years. This discipline has led to the complete elimination of the $83 million General Fund deficit recorded at the end of FY 2018. This achievement also strengthens Guam’s position in the financial market, including those with credit rating agencies and bond investors.”
“The commitment of all agencies to sound fiscal management in their daily operations has demonstrated how each entity understands and shares the goal of financial stability,” said Lt. Governor Josh Tenorio. “I want to thank our fiscal team and the excellent public servants that have committed themselves to the sound fiscal policies of our administration.”
The General Fund Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund Balances will be reported in the Audited Basic Financial Statements for the year ended September 30, 2021, which will be released by the Public Auditor.