5 Aug 2010

American Samoa's govt spending far outweighed revenue collection

10:51 am on 5 August 2010

The American Samoa Government has spent 9-point-2 million US dollars more than it raked in during Fiscal Year 2009.

According to audited financial statement for the period, total revenues amounted to 81-point-4 million dollars while expenditures totalled 90-point-6 million dollars.

The overruns in departments and special programs totaled 13.8 million, and Fono led agencies overspent their budgets by over 1 million.

The government also spent 2-point-3 million more on electricity and water bills, than what was allocated in the budget and the International Airport overspent its budget by 1.6 million.

The Governor's Office had an overrun of almost 494,000 dollars.

The biggest source of local revenues for the period was taxes which raked in just 50-point-7 million.

The auditing firm RC Holsinger and Associates noted that the government's system of financial accounting and reporting was inadequate.