By Gerardo R. Partido
Variety News Staff

THE Guam Chamber of Commerce has been invited by the governor’s office to provide input on the administration’s fiscal policy and debt elimination plan.
According to Chamber chairman Stephen C. Ruder, the business organization was sought out for feedback, comments, and recommendations on the governor’s plan.
“Over the past few months, public discussion has focused on the government of Guam’s financial crisis. The plan is an update to the Government of Guam’s ‘Interim Report and Action Plan for Fiscal Recovery’ dated July 2006. Four initiatives for fiscal recovery were outlined in the report,” Ruder told the Chamber members yesterday during the group’s monthly general membership meeting.
These initiatives are:
• A mandatory balanced budget—Appropriate only 98 percent of projected revenue and set aside the 2 percent for a Rainy Day Fund;
• Eliminate carryover appropriations starting FY’08;
• Create a Rainy Day Fund; and,
• Establish a means to fund Retirement Fund contributions and to reduce the unfunded liability.
The report also recommends bond borrowing amounting to $300 million and a “moderate annual growth rate in government revenues.”
According to Ruder, many thousands of man-hours were put into developing these cost saving and revenue generating initiatives.
“Your board recommended that the Chamber start with the recommendations made at the beginning of the Camacho administration and to make sure they were serious in implementing them this time around so we don’t waste more hours,” Ruder said.
He added that several of the ideas have already been implemented.
Examples include a reduction in the number of government of Guam holidays, the relocation of government offices in Tiyan to more economical locations downtown, the privatization of GTA, and the collection of residential solid waste.