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Governor’s written State of Territory address adds details to financial data

While Gov. Lolo Matalasi Moliga has boasted about the historically high revenue collection at the close of fiscal year 2014 — which ended Sept. 30, 2014 — the American Samoa Government still has an outstanding deficit fund balance, although it has decreased by nearly $3 million in the last two fiscal years.

 

Lolo told lawmakers three weeks ago that ASG collected over $100 million in FY 2014 the highest in history, and this was due to the diligent efforts of the entire government. However, more details of ASG’s financial status in the governor’s written address to the Fono show that there is an outstanding deficit.

 

According to the governor, FY 2012 audited financial statements showed a carry forward deficit fund balance of just over $7.72 million while FY 2013 recorded a deficit fund balance of just over $4.8 million, “indicating that we have reduced the deficit fund balance by $2,923,671.”

 

“In addition our collective efforts have reduced our single audit findings between 2012-2013,” he said and noted for example — in FY 2012 Financial Statements the government closed two findings audits and in FY 2013 a total of nine findings were closed.

 

Furthermore,  “the timely filing of our recent financial report is a reflection of our commitment to sound financial management and coordinated collaboration,” Lolo said. “This success speaks volumes to our solid commitment to be fiscally responsible and to be prudent and judicious stewards of public funds and public trust.”

 

“We project that our fund balance deficit will be further reduced in fiscal year 2014, solidifying and affirming our pledge and adherence to our collective policy of fiscal responsibility, transparency and accountability,” he said.

 

He also revealed that based on the “Performeter Report” prepared and issued by the U.S. Department of the Interior, the American Samoa Government’s overall financial position improved $8.3 million or 2.9% at the close of fiscal year 2013.

 

“This favorable condition was made possible by the implementation of controlled spending policy which reduced government spending by $18 million in fiscal year 2013 compared to the previous year,” explained. “It is the expectation that the same positive trend will be experienced in fiscal year 2014 as stringent spending policies continue to be enforced throughout the year.”

 

According to the governor, the ASG is projected to close FY 2014 in the black, based on preliminary data from the ASG Treasury Department and Budget Office.