Wednesday, July 23, 2014

OPA: Audit of Guam Housing Corporation Finds Minimal Losses

Guam News - Guam News

Guam - The Office of the Public Auditor has found that the Guam Housing Corporation or GHC ended fiscal year 2011 with only a nominal decrease in net assets of $206 dollars.

 

 

READ the Audit Highlights

This is not a big loss considering the $392 thousand dollars the GHC now owes to Maeda Pacific in it's settlement with the Lada Estates project. According to OPA auditor Vince Duenas the GHC would've suffered a bigger loss had it not reached this settlement.

The GHC increased it's revenues by $174 thousand dollars from interest on loans, rental income, and gains on it's disposal of assets.

However, they also had a $590 thousand dollars increase in expenditures due mostly to salaries, wages and benefits. The GHC board voted to re-instate the Hay raises that were stopped by Governor Eddie Calvo on January 30th of 2011 through an executive order.

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"And then in November of last year the board actually came together and said let's reinstate the Hay study and they made it retroactive to February first and so there was a payout totaling $89 thousand dollars for all the 26 employees in December,” explained Duenas.

The Guam Housing Corporation is an autonomous agency of the Government of Guam.

READ the FULL report of GHC's financial statement

READ Auditor's letter to GHC Management
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