Legislative Findings and Intent

I Liheslaturan Guåhan recognizes the need for the independent forecasting of government revenues, with the minimum goal of adopting the best econometric model for the government of Guam. There is a need to compile and provide to I Liheslaturan Guåhan, I Maga’lahen Guåhan and the public, forecasts of revenues no less than five

(5)years immediately beyond the operating budget year; expenditure information no less than five

(5)years past; consistent year-by-year analysis of the impact of federal expenditures on Guam’s economy and employment; and information related to the formulation of short and long-term fiscal policy. Future fiscal policy must be consistent with government reorganization, performance-based budgeting, measurable program goals and transparency. The present relationship between traditional and performancebased budgeting is crucial to our fiscal maturity, a goal that requires improved articulation and standards to measure goal-driven objectives and practical technological applications in budget formulation. I Liheslaturan Guåhan, therefore, hereby creates the Office of Finance and Budget

(OFB)to renew fiscal discipline through the practice of open government, cooperation between the legislative and executive branches, and the assignment of fiscal responsibility to appropriate government entities and officials, all to promote public confidence and government efficiency.