By Mar-Vic Cagurangan
Variety News Staff

GOVERNOR Felix P. Camacho yesterday signed a bill implementing stricter reporting requirements for revenues, allotments and cash received by the government of Guam.
Bill 15, the first measure signed by the governor under his new administration, also requires the Department of Administration, the Department of Revenue and Taxation, and the Bureau of Budget Management and Research to present a fiscal recovery plan that corresponds to the revenue collection status.
Bill 15 was signed while the Legislature deliberates on Bill 74, the administration’s revised budget plan that proposes budget cuts and new revenue generating programs.
Vice Speaker Eddie Calvo, R-Maite, introduced Bill 15—now Public Law 29-01—as a result of the mismatch between the administration’s annual revenue projection and actual collections.
Senators have been criticizing the Camacho administration for its alleged tendency to make what they consider unrealistic revenue forecast.
P.L. 29-01 requires DOA, DRT and BBMR to provide a revenue tracking report 30 days after the close of each month and to “determine if the actual revenues collected for each quarter are on track with the projected revenue for fiscal year 2007.”
The law requires the administration to furnish the Legislature with a fiscal recovery plan including cost containment measures and government reorganization, and a plan of action if the collection status indicates a 3 percent fluctuation in revenues adopted in the current budget law.