The Fiscal Year 2024 audit report for the American Samoa Power Authority shows that the authority increased its net position from $255 million in Fiscal Year 2023 to $277 million for the year ended September 30, 2024.
Total assets increased by $25.1 million in FY2024, attributed primarily to a $27.3 million investment in the utility plant. However, there was a $4.8 million reduction in unrestricted current assets.
The local net operating revenues increased by $443,000, mainly from a 2% increase in electrical revenue. Operating expenses also increase by $1.05 million due to higher costs of fuel. Nevertheless, revenues outpaced expenses for the year.
Revenues totaled $86.2 million, while expenses amounted to $84.8 million, resulting in a net operating income of $1.3 million.
ASPA’s bad debt expense was reduced from $551,056 in FY2023 to $487,737 in FY2024.
ASPA also made a slight reduction in General and Administrative costs from $5.7 million in FY2023 to $5,627,013 in FY2024.
ASPA is a member of the American Samoa Government Employees Retirement Fund, and the pension expense increased from $889,356 in FY2023 to $926,209 in FY2024, reflecting the increase in the employer and employee contributions.
The audit report notes that ASPA continues to explore renewable energy options for American Samoa, including wind turbine technology and solar photovoltaic panels, to lessen the dependance on fuel, which is driving electricity costs up.
The audit was conducted by Moss Adams LLP.
