By Gerardo R. Partido
Variety News Staff

THE Guam Educational Telecommunications Corp., also known as KGTF Channel 12, posted a $93,000 increase in net assets and profit in fiscal year 2006 compared to a net loss of $15,000 in FY 2005.
According to the Office of the Public Auditor, this is the first increase in net assets KGTF has reported since FY 2001. The $93,000 increase was mainly due to an increase in support and revenues.
KGTF’s FY 2006 audit showed that revenues increased by $289,000, from $1.5 million in FY 2005 to $1.8 million in FY 2006.
KGTF’s revenues are derived from three major sources: Community Service Grants and other grants of $908,000 or 49.9 percent of total revenue, General Fund appropriation of $578,000 or 31.7 percent, and contributions of $221,000 or 12.1 percent.
Although General Fund appropriation and contributions decreased by a combined $34,000, OPA reported that CSGs and other grants increased by $349,000 or 62 percent from FY 2005.
KGTF’s expenditures for FY 2006 were $1.7 million, a $181,000 increase from the $1.5 million expended in FY 2005. Expenditures for personnel services and fringe benefits increased $118,000 from $405,000 in FY 2005 to $523,000 in FY 2006. Expenditures also increased for support services by $89,000, mainly due to the $33,000 increase in program broadcasting and $30,000 increase in contractual services.