GovGuam could end up with $38M more in revenue than projected for 2019
The government of Guam's revenue collection has been at a better-than-expected rate and could end up about $38 million higher than projected by the end of fiscal 2019.
Gov. Lou Leon Guerrero has been championing more aggressive tax collection while also asking senators to maintain the business privilege tax at 5 percent. Some senators have called for a rollback of the business privilege tax to 4 percent because the 2018 increase was supposed to be temporary and cushion more than $100 million in revenue reductions due to federal tax reform.
The tax increase was supposed to be paired with spending cuts, which never materialized.
Actual GovGuam revenue for the first three quarters of fiscal 2019 reached $635.2 million, or $32.2 million more than the adopted projected revenue for the year-to-date period, which was $603 million.
Read more: https://www.guampdn.com/story/news/2019/07/24/guam-2019-budget-shows-millions-more-in-revenue-than-projected/1811143001/
(Guam Pacific Daily News)