FY 2022 recorded $56.1 million net gov position
At the end of Fiscal Year 2022, ending September 30, 2022, the territory's total net position of the primary government increased by $56.1 million from the prior year. The increase was significant over the preceding year's decrease of $5.9 million.
This is outlined in the latest Audit report prepared by Larson and Company, certified public accountants based in Utah.
According to the report, the significant increase was attributed to another rise in revenues of $123.3 million compared to the prior year's addition of $79.1 million and a substantial increase in expenses of $104.9 million compared to the prior year's increase of $49.1 million.
During the year, the Territory's expenses for governmental activities totaled $497.5 million, an increase of $103.7 million from the prior year.
Federal program revenues, local taxes and fees, other general revenues, and bond proceeds primarily funded expenditures.
In the Territory's business-type activities, which include the airport, industrial park, and shipyard authority, program revenues exceed expenses by $3 million compared to the increase of $702 thousand from the prior year.
As of September 30, 2022, the General Fund reported a cumulative net balance of $48.1 million compared to the prior year's $25.5 million.
The improvement was due to a surplus in 2022 of $22.6 million. Since 2012, ASG, under the Lolo Lemanu administration, has recorded a year-end surplus in the General Fund for nine of the ten fiscal years.