Pago Pago, AMERICAN SAMOA — Based on recent financial numbers from the ASG Treasury, Gov. Lolo Matalasi Moliga said that the American Samoa Government is projecting a $10 million surplus at the close of fiscal year 2020, which ends Sept. 30, 2020.

The governor made the revelation at last Friday’s cabinet meeting when he spoke of important government projects that are ongoing and that the Administration wants most of them completed within the next 5-months while still in office and before a new administration takes over.

Lolo explained one of those important projects is ending the administration’s eight-years in office with a solid financial foundation to present to the new incoming administration in January next year.

He said ASG Treasury presented a financial report recently providing estimates, which show that the government is projecting to close FY 2020 with a $10 million surplus.

The governor said he and Lt. Gov. Lemanu Palepoi Sialega Mauga believe that when the current administration leaves office, “we will present to the new administration cash in the bank” which provides solid financial grounds for the government.

Lolo repeated what he had said in past cabinet meetings, that he and Lemanu don’t want the new incoming administration to encounter the same problems, including the financial woes that the Lolo/Lemanu administration faced when they came into office 8 years ago.

“And that’s what we are working for, preparing a solid government for the new administration to continue serving the public,” said Lolo, who points out that this is also the reason why the many infrastructure projects need to be completed or close to completion when his administration leaves office.

No other details were provided by the governor at the cabinet meeting on the projected FY 2020 surplus, but lawmakers will be requesting the latest FY2020 financial reports from the government when it comes time for lawmakers to review the FY 2021 budget — which has yet to be submitted to the Fono by the administration.

As previously reported by Samoa News, the ASG FY 2019 independent audit report shows the government ended the previous fiscal year with a surplus. And therefore since 2012, the Lolo/Lemanu administration has recorded seven of the eight fiscal years with a surplus. (See Samoa News edition July 9th for details.)

Some lawmakers told Samoa News that they would be interested to find out from the executive branch what impact the COVID-19 declaration has had on revenue collections. They would also like to see a break-down on how COVID-19 federal funds have been able to help ASG and whether these funds, resulted in the projected FY 2020 surplus.

FY 2020’s budget has total local revenue of $100.37 million. An Apr. 30, 2020 unedited & preliminary general fund revenue report — covering the first two-quarters of FY 2020 — for the period of Oct. 1, 2019 through Mar. 31, 2020 shows revenue collections at $50.36 million, with more than $29.91 million collected from taxes, which is ASG’s largest revenue source.