ASG reports huge surplus in 4th quarter FY2022 “unaudited” report

Pago Pago, AMERICAN SAMOA — ASG recorded a revenue surplus in the last quarter of fiscal year 2022, while the previous quarter saw a shortfall of $11.67 million from original projections.

The surplus is outlined in the 4th Quarter of Fiscal Year 2022 Continuing Disclosure Report — an “unaudited report of budgeted versus actual results for each fiscal quarter, in a format similar to a statement of revenue and expenditures.”

The report offers an unaudited view of the General Fund Revenue for the period of July 1, 2022, ending in September 30, 2022 and is due 45 days after the end of the 4th quarter or Nov. 14, 2022.

The 4th quarter report states that it has “no significant events to report” affecting the government’s revenues. In particular, it shows no adverse opinions re the bond series that American Samoa currently owes investors.

According to the budget and actual spending report, the government in total for FY 2022 collections exceeded expectations in two specific areas. They are corporate, and individual taxes:

From corporate taxes it collected $21.4 million — an increase of $5.12 million from its original projection of $16.3 million; and,

From individual taxes it collected $47.66 million  — an increase from its original projection of $27.53 million.

Other categories, such as general excise taxes, soda taxes, military cover over taxes, services i.e. rents & leases and Port Admin services, etc. all report shortfalls.

However, collection of corporate, and individual taxes was strong enough that the government came out ahead by $26,642,190 million at end of the of its fiscal year, according to the FY 2022 unaudited report.

As reported earlier in Samoa News, according to ASG’s third quarter Treasury report, the government’s projection for revenues for the third quarter was short by $11.67 million— that is its actual collections fell short of projections.

Of note, corporate and individual taxes in the 3rd quarter were reported at a shortfall, with corporate short $1.9 million and individual short $2.13 million. All other categories also reported shortfalls.

The good news was that included in the 3rd quarter report was the assurance by Budget Director, Catherine Saelua that all three branches of government had operated within their 3rd quarter budget allocations, from April- June 2022.

She said the overall total YTD expenditures incurred of $92.4 million in the 3rd quarter was in line with the 75 percent threshold of the approved annual budget of $122.8 million, leaving the remaining 25 percent to cover operating expenses for the 4th quarter.