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Acting Governor Praises Government of Guam FY2008 Audit Reports

GovGuam receives “clean” opinion on financial statements for second straight year

June 26, 2009

Acting Governor Michael W. Cruz, M.D., praised the efforts of the Department of Administration (DOA) and the Bureau of Budget and Management Research (BBMR) following the release of the government of Guam’s Audit Reports for Fiscal Year 2008, in which GovGuam received a clean opinion of its financial statements. The reports, released today by the Office of the Public Auditor, showed that the government of Guam’s General Fund deficit decreased from $501 million to $415 million during the last fiscal year. The audit marks the second straight year that GovGuam was issued an unqualified clean opinion on its financial statements.

“I am very pleased by the findings of the audit,” said Acting Governor Cruz. “The results of these reports are indicative of the tireless work done by the men and women employed by our government of Guam agencies. I want to especially commend DOA and BBMR, who are always working diligently to ensure that our government finances are properly managed.”

Acting Governor Cruz was pleased to learn the reports indicated that the decrease in the deficit was attributable to three main factors: the issuance of general obligation bonds, the issuance of long-term debt to pay for streetlights and the adjustment of medical bill accrual. Additionally, he was further encouraged that the reports showed an increase in tax collections, including $185.8 million in gross receipts tax (GRT) collection. This represents the highest level of GRT collections since 1997.

“The results reaffirm this administration’s commitment to fiscal accountability and responsibility,” said Acting Governor Cruz. “We pledge to take the steps needed to guarantee that government funds are used appropriately and always in the best interest of our community.”

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