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BBMR takes lead on Guam implementation of 2009 American Recovery and Reinvestment Act |
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Budget office to coordinate with government agencies regarding appropriations for Stimulus Plan funding
March 8, 2009
Governor Felix P. Camacho tasked the Bureau of Budget and Management Research (BBMR) to lead the Government of Guam’s implementation of the American Recovery and Reinvestment Act of 2009 (ARRA). The act was signed into law by President Barack Obama on February 17th, 2009.
“We have a short window of time to bring together our agencies and release as many shovel-ready projects as possible,” said Governor Camacho. “BBMR is reviewing the act to get a clear understanding of its impact on Guam. BBMR is also configuring a plan to set aside monies that will be used to create jobs and stimulate our struggling economy.”
Governor Camacho has communicated with BBMR and other senior staff to identify obstacles that may prevent the allocation of stimulus funds. Additionally, BBMR will coordinate possible projects and direct them to corresponding programs according to the criteria established by the ARRA legislation.
“There are strict timelines for obligating these funds,” said Governor Camacho. “We are reviewing each project to ensure, and eventually certify, that we use federal tax dollars appropriately.”
A preliminary review by the Office of the Governor has found that Guam can expect further expansion of roads this year through new monies from the Federal Highway Administration. From those funds, approximately $67 million in State Fiscal Stabilization Funding and tax losses will be fully reimbursed by the U.S. Department of the Treasury over the next couple of years.
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