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ASG forecasts small 2012 surplus —under $1MIL

The American Samoa Government is forecasting a surplus of less than $1 million at the close of the current fiscal year 2012, which ends Sept. 30, 2012, according to Treasurer Magalei Logovi’i in the Department of Treasury's first quarter performance report for FY 2012 — which covers Oct. 1-Dec. 31, 2011. The report was received by the Fono more than a week ago.


The Treasurer informed the governor that the first quarter shows ASG looking at a surplus of just over $1 million for the General Fund, and with other funds in Treasurer’s Cash Pool accounted for, ASG is forecasting a surplus of just $860,378 for FY 2012, he said.

“The general fund had to cover for other special revenue funds that were in the red at the end of the fourth quarter,” said Magalei in the letter to the governor. Among those in the red were the Airport Division for $343,496; Sports Complex at $146,904; and Emergency Medical Services  at the time under the Department of Public Safety — at $31,412. The report shows no annual budget for EMS, just expenditures totaling $31,412.


The government is projecting $77.56 million in revenues to be collected in 2012, but based on the current trend in revenue collection, ASG is forecasting to collect $78.51 million — or $950,544 above  budget, the report says.

The largest revenue source for ASG in FY 2012 is taxes, totaling $47.36 million with $18.86 million to be collected in individual taxes and $17 million for “Excise tax: All Others” category.

At the end of the first quarter — Dec. 31, 2011 — total revenue collection was at $17.31 million with $12.11 million collected so far in taxes — which includes $4.78 million in individual taxes and $4.66 in “Excise Tax: All Other” category. Other taxes come from corporate taxes, soda excise taxes and military tax.

Treasury Department is forecasting a drop of about $1.1 million in revenue from “Fines and fees, Charges for Services and Miscellaneous” revenues, the report says.


Magalei also informed the governor that ASG departments and Special Programs with considerable savings during the first quarter are Judiciary with $1.16 million and Education Department with $828,316.

However, he said departments and programs spending more than budgeted for the first quarter include the  Governor’s Office ($133,100), the Fono ($1.25 million), Port Administration ($416,217), Property Insurance ($415,550), EOB electricity and water billings ($245,000); and other ASG facilities electricity/water billings ($265,000)


According to Treasury Department, audit work for FY 2011 is in progress and ASG independent auditor — Moss Adams LLP — started field work last November. Moreover, auditors are now concentrating on Single Audit or Federal Grants field work.

The report says that the financial audit field work is also in progress and will be completed sometime in April this year, adding that financial reports will be issued immediately thereafter.

However, all these depend on other semi-autonomous government entities such as ASPA, ASTCA and ASCC. “Without their final and audited financial reports [from these entities] ASG cannot finalize its financial reports,” said Treasury, adding that the department still needs to hire staff to replace deceased, retired, transferred and resigned employees.