Adelup Reports General Fund Surplus | Silver

Financial statements for the year ended Sept. 30, 2021, show a Guam government general fund surplus of $31.9 million, according to a press release from Adelup.

The General Fund deficit balance, which started at $59.6 million in fiscal year 2014 and peaked at $119.2 million in fiscal year 2015, now shows a positive balance /surplus of $30.4 million.

Expenditure control and improved tax collection are the foundations of this surplus, according to the administration.

“Sound financial management is the hallmark of our administration,” Governor Lou Leon Guerrero said in the statement. “The timely payment of tax refunds and the obligations of suppliers are the benefits of the strict budgetary discipline practiced throughout the government over the past three years. This discipline led to the complete elimination of the $83 million General Fund deficit recorded at the end of fiscal year 2018. This achievement also strengthens Guam’s position in the financial market, including those of credit rating agencies. credit and bond investors.

The balance sheet of the General Fund and the statement of income, expenditure and changes in fund balances will be presented in the basic audited financial statements for the year ended September 30, 2021, which will be published by the public auditor.

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