By Pacific Island Times News Staff
The governor's office has reported a surplus of $28.9 million from total revenues of $934 million for the fiscal year ending Sept. 30, 2023.
Officials said the majority of the surplus has been allocated through legislative appropriations enacted after the original budget cycle, resulting in $24.5 million marked as "committed" within the general fund balance for future expenditures.
“This surplus is a testament to our administration’s disciplined fiscal strategy and commitment to safeguarding Guam’s financial future," Gov. Lou Leon Guerrero said. "Each year, we prioritize stability and accountability, ensuring that taxpayer dollars serve the long-term well-being of our people.”
The reported revenue surplus has yet to be audited.
“With five years of consistent surpluses, we continue strengthening Guam’s economy and building a solid foundation for future generations," Lt. Gov. Josh Tenorio said. "Our fiscal policies have produced results that reflect our dedication to responsible governance.”
The finalization of the audited financial statements and the report on compliance for the year ending Sept. 30, 2023, continues to be delayed by the late submission of the audit by the Guam Department of Education, the governor's office said.
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