The Office of Public Accountability’s latest report on the Income Tax Refund Efficient Payment Trust Fund says the government of Guam continues to live beyond its means.
By overestimating anticipated revenues and expending beyond its appropriations, the government is forced to use income tax revenues to fund government operations, OPA stated.
According to the report, in fiscal year 2011, the government overestimated its revenues by $38 million, and its income tax collection of $363.8 million falls $27.6 million short of its projection of $391.4 million.
Of the government’s $363.8 million in income tax collection, $93.1 million, or 25.6 percent, should have been deposited into the trust fund.
However, only $50.3 million was used to pay out prior year tax refunds, and a total of $41 million was used for other government operations.
