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Governor Submits 2010 Budget to Legislature |
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January 30, 2009
Governor Felix P. Camacho today transmitted the proposed government of Guam financial plan for Fiscal Year 2010.
"The proposed budget was crafted with guarded assumptions of potential revenues and employs the usual frugal distribution of precious resources in these uncertain times," said Governor Camacho.
The revenue forecast for FY 2010 reflects a 2% increase over FY 2009 adopted levels. Gross revenues are expected to reach $533 million from which $522 million will go to government operations and $10.7 million to deficit reduction pursuant to PL. 29-113.
Of the $533 million in General Fund projected revenues, deficit reduction receives $11 million (2%), education receives $219 million (42%); health receives $96 million (18%); public safety receives $70 million (14%); while all others receive $137 million (26%).
Special Fund sources projected at $108 million are at the same level as FY 2009. Federal Matching Grants-In-Aid is at $37.7 million up from $34.1 million in FY 2009 primarily attributed to various indigent programs at the Department of Public Health and Social Services including the Food Stamp program, Public Assistance, and Medicaid.
"Our long term economic and financial outlook is cautiously optimistic largely due to the impending military buildup," said Governor Camacho. "The short term outlook is not as predictable due to market uncertainties and the unknown trickle down effects of the new Administration's tax policies and stimulus initiatives."
In the budget's transmittal letter addressed to Legislative Speaker Judith Won Pat, the Governor states that while the government's financials have made marked improvements, global economic, military, and political situations continue to threaten Guam's economic stability and sustainability.
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