Post by Logan on Feb 18, 2016 4:50:15 GMT -6
An analysis of the American Samoa Government’s financial records for the first quarter of fiscal year 2016 — Oct. 1-Dec. 31, 2015 — found that revenue shortfall for the period was just over $5 million. This would be in line with a concern that some lawmakers have with ASG’s forecast of $104 million of local revenue for FY 2016 — that it will not happen.
Conducted by Legislative Finance Officer, Talalemotu Mauga, the analysis was requested early last month by Rep. Larry Sanitoa, as the Fono begins 2016 with pressing budgetary issues. Mauga’s analysis was based on preliminary and unaudited financial records from the ASG Treasury Department.
Mauga explained in his analysis that according to the General Fund Revenue Report as of Dec. 31, 2015 — the revenue shortfall is approximately $5.41 million for the first quarter of FY 2016. He recalled testimony more than two weeks ago by deputy treasurer Tina Va’a before a Senate committee that ASG collected about $2.9 million more in the first quarter of FY 2016 compared to the same quarter in FY 2015.
“I for one don’t disagree with her testimony, however, let us be clear that the first quarter of FY 2016 shows a ‘revenue shortfall of $5.41 million,” Mauga wrote. “We are only one quarter into fiscal year 2016, so let us wait and see what lies ahead.”
Read more: www.samoanews.com/content/en/asg-records-5-mil-shortfall-first-quarter-fy-2016
Conducted by Legislative Finance Officer, Talalemotu Mauga, the analysis was requested early last month by Rep. Larry Sanitoa, as the Fono begins 2016 with pressing budgetary issues. Mauga’s analysis was based on preliminary and unaudited financial records from the ASG Treasury Department.
Mauga explained in his analysis that according to the General Fund Revenue Report as of Dec. 31, 2015 — the revenue shortfall is approximately $5.41 million for the first quarter of FY 2016. He recalled testimony more than two weeks ago by deputy treasurer Tina Va’a before a Senate committee that ASG collected about $2.9 million more in the first quarter of FY 2016 compared to the same quarter in FY 2015.
“I for one don’t disagree with her testimony, however, let us be clear that the first quarter of FY 2016 shows a ‘revenue shortfall of $5.41 million,” Mauga wrote. “We are only one quarter into fiscal year 2016, so let us wait and see what lies ahead.”
Read more: www.samoanews.com/content/en/asg-records-5-mil-shortfall-first-quarter-fy-2016