3 Jun 2011

American Samoa forecasts million dollar deficit

10:12 am on 3 June 2011

American Samoa government Treasurer, Magalei Logovi'i, has informed governor Togiola Tulafono that the General Fund for the territorial government is forecasting a deficit of more than 1 million US dollars for the 2011 fiscal year when it officially ends on Sept. 30, 2011.

Magalei's letter, dated Apr. 25th, to the governor regarding the government's financial status included ASG Quarterly Performance Reports for the 2011 fiscal year, submitted by the Budget and Planning Office to the governor and the Legislature.

Magalei says that despite the fact that the government spent a lot less than budgeted, it is still looking at a deficit just over 1 million, due to overspending in the Treasurer Cash Pool funds.