The Government of Guam spent a record $1.9 billion in Fiscal Year 2023 and saw a $59.8 million surplus in the general fund.

The Office of Public Accountability finally released the late government wide fiscal ‘23 financial audit on Monday after more than a seven month long delay. 

Independent financial auditors Ernst and Young issued an unmodified or “clean” opinion on GovGuam’s financial statements. 

The audit states the administration’s “emphasis on maximizing federal revenues and reducing costs previously met by the general fund” was “the biggest single contribution to the deficit reduction.”

Of the surplus amount, $14.6 million was transferred to the rainy day fund and $30 million was appropriated as emergency funds for the Guam Memorial Hospital.  

In a press release, Governor Lou Leon Guerrero said, “The completion of our Fiscal Year 2023 audit reaffirms our administration's commitment to transparency and fiscal responsibility. The financial surplus reported is a testament to our prudent financial management and dedication to strengthening Guam's economy. As we move forward, we will continue working to ensure that these funds are invested wisely and equitably for the benefit of our people.”

GovGuam's $1.9 billion expenses were $108.5 million more than what was spent in the previous fiscal year. 

$932.5 million came from program revenues such as federal grants and contributions and $1.03 billion from taxes and other general revenues. 

So what was taxpayer money spent on?

Overall, GovGuam spent the most on Public Health, public education and protection of life and property. 

$168.6 million more was spent from the general fund in FY23 compared to the previous year.

This is in large part due to the energy credit program, GovGuam’s self-insured group health plan and the Guam Department of Education’s operations and 22 percent pay increase.