ASG projects to collect $143 million in revenue for FY 2024
The American Samoa Government is projecting to collect $143 million in revenues, with an estimated $103.2 million to be collected from taxes.
This is part of the $664 million reflecting a decrease of 4% for the new financial year budget. This is outlined in the Governor’s Budget summary.
The projected revenue shows an increase compared to last year’s projection of $77.50 million.
Governor Lemanu P.S. Mauga says the new fiscal year 2024 financial plan provides funding towards sustaining healthcare, education, public safety, infrastructure, and economic development to boost our local economy.
This budget also contains funding for ongoing commitment, such as the increments for career service employees and the 2% additional increase in employer contribution to retirement.
Lemanu said to address identified under-funded areas of government; additional resources have been allocated to Medicaid to shore up the local match, restore funding to the Department of Education due to budget cuts, securing of funding for the Search and Rescue, the Correctional facility, and the Governor’s special projects.
He said American Samoa has had supplemental budgets for the previous two years due to windfalls from excess revenues.
Given the uncertainty and the unpredictable nature of revenue streams in the future, perhaps a viable option to consider is to earmark a set aside a portion from the supplemental (unobligated excess revenues) towards a rainy day fund to enhance the security of bond obligations further and to be prepared for any future emergencies.
Adding that the future generations of American Samoa should not be indebted because of inaction and lack of foresight.