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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 1, 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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