The Office of Public Accountability reports the Government of Guam has a general fund surplus of nearly $60 million for Fiscal Year 2023, marking a continued upward trend in the island’s finances.

The general fund surplus, which brought the fund balance to over $195 million, was achieved without borrowing. 

Government leaders attribute this to financial discipline and a greater emphasis on maximizing federal revenues.

Audit delays remain a concern, with the FY 2023 financial report being released over a year after the fiscal year ended. Officials blame backlogs from previous years and a lack of responsiveness from some agencies.

Program revenues decreased by over $64 million, but general revenues grew by $133 million, helping offset rising expenses. However, the primary government's net position remains in the negative at $2.26 billion.

The general fund also outperformed its budget, with higher income tax collections and lower spending on Typhoon Mawar recovery. Meanwhile, federal grant assistance grew by $71 million, boosted by increased spending on public assistance and childcare programs.

Overall, general fund expenditures rose by nearly $169 million, driven by payments to Guam Power Authority, public education, and government health plans. 

Despite this, the general fund surplus signals a stronger financial outlook compared to prior years.