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Guam government owes $1B in long term debt, audit finds

By Associated Press

LAST UPDATED: 10:20 a.m. HST, Jul 01, 2013

HAGATNA, Guam » An independent audit shows the Guam government has more than $1 billion in long-term debt.

The Pacific Daily News reported today that the U.S. territory's debt rose 44 percent in fiscal 2012. That's according to an audit from Deloitte & Touche LLC. Gov. Eddie Calvo's office released the audit.

The debt compares with long-term debt of $754 million in fiscal 2011.

The audit reported a cash surplus of $30.1 million in the government's general fund as of Sept. 30 last year. But that surplus is primarily because of more than $358 million in bonds.

Calvo says the loans were needed to immediately pay off obligations that had high interest rates.

Calvo says the territory's government has stopped itself from drowning, but waters are still turbulent.

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allie wrote:
Guam's government sounds like the Hawaii legislature
on July 1,2013 | 10:25AM
AhiPoke wrote:
As difficult as it may be to imagine, I think they're worse. Virtually all government activities are operating on COD. The governor wrote an editorial a couple of months ago criticizing the government's hospital's financial situation which includes numerous employees who show up everyday to do nothing. When he said "nothing" he wasn't exaggerating.
on July 1,2013 | 11:06AM
kahu808 wrote:
You constantly show your ignorance.
on July 1,2013 | 12:53PM
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