Feb. 26, 2018 (Hagåtña) — The Department of Administration has requested the bank and book balances of all bank accounts of all autonomous agencies and the two other branches of government.
It is a request made at the direction of Sen. Frank Aguon. He suggested to the Governor’s fiscal team to look at “special funds” and autonomous agencies as we seek to enhance lost General Fund revenue. The Government of Guam is currently facing a $67 million reduction in Fiscal Year 2018 revenues — it is an immediate impact of the federal Jobs Act and Tax Cuts of 2017 signed into law Dec. 22, 2017.
DOA is asking that the information be submitted by noon today in anticipation of meeting with Senators at 2 o’clock this afternoon.
In the letter to the Judiciary, Legislature, and autonomous agencies such as the Guam Power Authority, Guam Waterworks Authority, University of Guam, Guam International Airport Authority, Port Authority of Guam, and the Guam Community College, DOA requested:
- a)Current “bank” balance of all bank accounts, to include Checking accounts, Interest Bearing Checking accounts, Savings accounts, Certificate of Deposit accounts, Investment accounts, and Money Market Deposit accounts, under the name and/or control, purview, and responsibility of the Agency, Department, Institution which you control and manage.
- b)Current accounting “book” balance of all bank accounts to include Checking accounts, Interest Bearing Checking accounts, Savings accounts, Certificate of Deposit accounts, Investment accounts, and Money Market Deposit accounts, under the name, purview, and responsibility of the Agency, Department, Institution which you control and manage.
“This wasn’t something that my team had considered and we appreciate the Senator sharing possible solutions as we work to address the impact of the federal tax policy together,” Governor Calvo stated. “With the letter sent to the other branches and to the autonomous agencies today, we ask that they submit the information and opine on the use of these funds.”