Reports

(a)Monthly Reporting. The Tax Commissioner and the Director of Administration shall report to I Maga’lahen Guåhan and I Liheslaturan Guåhan regarding the total deposits in each month and the current balance of the Trust Fund within fifteen

(15)calendar days of the end of each month.

(b)Monthly Audit by the OPA. The Office of Public Accountability shall perform a monthly audit on the Income Tax Refund Efficient Payment Trust Fund and the compliance of the Director of the Department of Administration with § 51102 of Chapter 51 of Title 11, Guam Code Annotated. Said audit shall include, but is not limited to, auditing the amounts of income tax, including, but not limited to, individual, corporate and withholding, inclusive of interest and penalties, received by the Department of Revenue and Taxation and the deposits made on a daily basis by the Director of the Department of Administration and the Treasurer of Guam or any other government of Guam agency or instrumentality to the Income Tax Refund Efficient Payment Trust Fund. Any bond proceeds or other deposits not related to daily revenue collection by the government of Guam shall be delineated separately and footnoted in said report in compliance with Internal Revenue Code Privacy Act provisions. The OPA shall prepare and provide a written report of compliance with § 51102 of Chapter 51, Title 11, Guam Code Annotated, within fifteen

(15)calendar days of the end of each month for the preceding month to I Maga’lahen Guåhan, to the Speaker of I Liheslaturan Guåhan, and to the Attorney General of Guam.

(c)Beginning with the month ended August 2012, the Director of Administration shall submit the Income Tax Refund Efficient Payment Trust Fund printed or online monthly bank statements to the Speaker of I Liheslaturan Guåhan and the Office of Finance and Budget no later than five

(5)days after the end of each month.