Sanitoa expresses concern about $17 m shortfall

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Candidate for Lt. Governor Rep Larry Sanitoa says the Legislative Financial Officer’s report on ASG finances for the first six months of Fiscal Year 2016 which indicates a shortfall of more than $17 million is a grave matter of concern.

He’s worried that given the figures in the LFO report, which is based on financial statements from Treasury and Budget, ASG will be struggling to meet payroll and also cover vital services.

And what is very worrying to him is that the American Samoa Economic Development Authority bonds have to be repaid with some of the government revenues. which have already been pledges as repayment for the bonds.

Sanitoa cited reports that ASEDA presented to the Fono which put the total repayment for the $78 million being raised from the bonds at $149 million.

He said if actual revenues are not meeting projections, he’s worried that some services and paychecks will be affected.
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KHJ News has asked the Governor’s Office for a response.

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