Post by Logan on Jun 22, 2016 16:03:13 GMT -6
Guam - The Government of Guam is behind in it's revenue collections by $20 million dollars year to date and there's less than four months left to catch up. Despite this the administration is confident GovGuam will catch up and meet it's forecasted revenues for this fiscal year.
The cumulative revenues and expenditures report for the month of April showed that GovGuam was short by about $5.58 million dollars for the month and by $10.7 million year to date. However Vice-Speaker B.J. Cruz questioned the April shortage as he believed GovGuam was even more behind in revenue collections.
Cruz pointed to a $9.3 million dollar entry for the month of April that was attributed to withholding taxes from the Guam Memorial Hospital. Cruz believed it was a paper entry rather than actual cash. The Vice-Speaker called an oversight hearing that was held yesterday to get to the bottom of this.
During yesterday's(Tues.) hearing it was revealed that withholding amount owed was actually over $10.8 million dollars. It was also revealed that GMH made the payment to GovGuam on June 17th or last week Friday. It was also revealed that the Department of Administration released about the same amount of money or $11 million dollars to GMH on the same day that GMH made the payment essentially GMH gave the money right back to DOA.
Read more: www.pacificnewscenter.com/local/9852
The cumulative revenues and expenditures report for the month of April showed that GovGuam was short by about $5.58 million dollars for the month and by $10.7 million year to date. However Vice-Speaker B.J. Cruz questioned the April shortage as he believed GovGuam was even more behind in revenue collections.
Cruz pointed to a $9.3 million dollar entry for the month of April that was attributed to withholding taxes from the Guam Memorial Hospital. Cruz believed it was a paper entry rather than actual cash. The Vice-Speaker called an oversight hearing that was held yesterday to get to the bottom of this.
During yesterday's(Tues.) hearing it was revealed that withholding amount owed was actually over $10.8 million dollars. It was also revealed that GMH made the payment to GovGuam on June 17th or last week Friday. It was also revealed that the Department of Administration released about the same amount of money or $11 million dollars to GMH on the same day that GMH made the payment essentially GMH gave the money right back to DOA.
Read more: www.pacificnewscenter.com/local/9852