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Performeter
& A.F.T.E.R. Analysis February 14, 2007 The Based on the Performeter Analysis for FY 2005, GovGuam’s financial health and performance had an overall score of 1.7 out of a possible score of 10, the lowest reading in four years and the lowest amo= ng the insular areas. Among the reasons for <= st1:place w:st=3D"on">Guam’s consistently low rating is the magni= tude of the general fund deficit, which is at $344 million as of FY 2005, an increase of $30 million from FY 2004.&nb= sp; The deficit represents 70% of annual revenues. GovGuam incurred more expenses than it earned in revenue by $8.7 million even aft= er adjusting for the sale of GTA of $28.3 million. Other factors include t= he inability to pay current obligations such as tax refunds and vendor payables. For every $1 of c= urrent liabilities GovGuam owes there is only 17cent= s to pay these liabilities. = For =
audit
findings resolutions, GovGuam continues to sh=
ow
improvements. While there w=
ere
exceptions in 11 major federal program areas, the number of repeat findin=
gs
declined to 23%. Over the p=
ast
three years significant efforts have been made to resolve past questioned
costs. Questioned costs res=
olved
were $11 million in 2003, $17 million in 2004 and $15 million in 2005. For = audit opinion resolutions, there were only two opinion qualifications that rema= in; i.e., the inability to audit tax related balances and the incompletion of= the GMHA audit. |
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