Auditors: “Bold new agenda” is spurring economy
American Samoa’s turning point in its economic recovery started in fiscal year 2012, according to independent auditors, who also say that under the Lolo Administration, the government has “set a bold agenda” to spur economic development and provide a quality life for local residents.
These are some of the issues cited by the Seattle-based independent firm of Moss Adams LLP in its audit of the Financial Statements of ASG for the fiscal year 2012 that ended Sept. 30, 2012.
Under the subheading, “Economic Factors” the auditors say FY 2012 “marked a turning point in American Samoa’s long-fought road to recovery from the triple blows of the Great Recession”, the Sept. 29, 2009 earthquake and tsunami and the closure of COS Samoa Packing cannery the next day.
However it says things started to change for American Samoa in FY 2012 when tax revenue for the first time in 5 years reached their pre-recession levels, indicating that the private sector was clearly on the rebound and the report cites new development such as Tri Marine International opening its Samoa Tuna Processors plant state-of-the art cold storage facility while the company’s cannery operations is expected to begin next year.
And FY 2012 also marked the first full year of operation of the Ronald Reagan Marine Railways shipyard under the management and operation of the government and the shipyard “had continued success as a fully self-funded entity.”
Auditors also say the economic outlook for FY 2013 going forward “remains positive,” adding that the Lolo Administration took office in January this year and the governor “set a bold agenda focused on spurring economic development, improving the quality and efficiency of government services and marshaling the resources necessary to restore the Territory’s crumbling infrastructure.”
FY 2013 officially ends Sept. 30, 2013. See more details of this story in Tuesday’s edition.
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