Executive Branch Accounting, Financial, and Economic Services

I Maga’lahen Guåhan shall provide the Office of Finance and Budget with any and all information and services it requires to fully execute this Chapter.

(a)Reports The following reports shall be submitted to I Liheslaturan Guåhan as indicated:

(1)No later than thirty

(30)days after the end of each month of a fiscal year, the Director of the Bureau of Budget and Management Research shall report the revenue tracking for the General Fund, the Tourist Attraction Fund, Solid Waste Operations Fund (Tipping Fees), Guam Education Facilities Fund, and the Guam Highway Fund for the balance of the fiscal year, based upon the actual collections of the preceding month, and prepare a comparative statement of “actual” and “projected” revenues. Such information shall be compiled in a report, in collaboration with the Director of Revenue and Taxation and the Director of Administration, certified by the Director of the Bureau of Budget and Management Research, and submitted to the Speaker of I Liheslaturan Guåhan no later than thirty

(30)days after the end of each month of the fiscal year;

(2)On January 30, 2008 and July 1, 2008, and on a semiannual basis thereafter, the Director of the Bureau of Statistic and Plans in coordination with Department of Labor shall report the impact of federal expenditures, including projections of federal expenditures on Guam, on Guam’s economic growth, employment, tax revenues, and other variables, for the next year compared with the previous five

(5)years; identify significant federal expenditures or potential expenditures on Guam affecting military bases, installations, active duty and retired military personnel within Guam, as well as any impact of the changes in these expenditures. Such information shall be compiled in a report, certified by a majority of the members of the Special Economic Service, and submitted to the Speaker of I Liheslaturan Guåhan;

(3)On January 30, 2008 and July 1, 2008, and on a semiannual basis thereafter, the General Manager of the Guam Visitors Bureau in coordination with the Government of Guam’s Chief CH. 13 OFFICE OF FINANCE AND BUDGET Economist shall report the impact of tourism expenditures on Guam’s economy and employment, including projections of tourism expenditures on Guam, on Guam’s economic growth, employment, tax revenues, and other variables, for the next year compared with the previous five

(5)years; identify significant tourism expenditures or potential expenditures coming into Guam affecting tourism as well as the impact of the changes in these expenditures. Such information shall be compiled in a report, certified by a majority of the members of the Special Economic Service, and submitted to the Speaker of I Liheslaturan Guåhan; and

(4)The Director of the Bureau of Budget and Management Research shall report the longrange forecasts of revenues and expenditures for each of the five

(5)years immediately beyond the budget year. Such information shall be compiled in a report, certified by a majority of the members of the Special Economic Service and submitted to the Speaker of I Liheslaturan Guåhan.

(5)Section 30 Transparency and Accountability Reporting.

(A)No later than fifteen

(15)days after the end of each month of each fiscal year, I Maga’låhen Guåhan shall submit a written report to the Speaker of I Liheslaturan Guåhan and the Office of Finance and Budget that provides a list of any and all correspondences sent by the government of Guam to and/or received by the government of Guam from the United States Department of the Treasury, the Department of the Interior and/or its Office of Insular Affairs, or its successor, and any other entities of the United States government related to prior, current, and future fiscal year estimates, reconciliations, receipts, overpayments, underpayments, advanced requests for subsequent fiscal years, receipt of United States Department of Treasury warrants or notices of garnishments, and/or discussions related thereto of duties, fees, and taxes (also referred to as Section 30 funds) during the previous month. Such report submitted shall include a copy of each correspondence as specified above.

(B)If during such month of each fiscal year, there are no correspondences sent by the government of Guam to and/or received by the government of Guam from the United States Department of the Treasury, the Department of the Interior and/or its Office of Insular Affairs, or its successor, and any other entities of the United States government related to prior, current, and future fiscal year estimates, reconciliations, receipts, overpayments, underpayments, advanced requests for subsequent fiscal years, and/or discussions related thereto of duties, fees, and taxes (also referred to as Section 30 funds) during the previous month, I Maga’låhen Guåhan shall submit a letter to the Speaker of I Liheslaturan Guåhan and the Office of Finance and Budget stating that no correspondences have been sent and/or received.

(C)If any correspondence required to be submitted pursuant to this Section is deemed confidential and prevents submission to the Speaker of I Liheslaturan Guåhan and the Office of Finance and Budget, I Maga’låhen Guåhan shall state such confidentiality, inclusive of a citation of local or federal law preventing such submission, and a written opinion by the Attorney General of Guam supporting such non-submission that shall accompany such written report.

(6)No later than fifteen

(15)days after receipt of any United States Department of the Treasury warrants issued to Guam relative to transactions with the Internal Revenue Service, pursuant to Section 30 of the Organic Act, or the Guam Territorial Income Tax, I Maga’lahen Guåhan (the Governor of Guam) shall transmit to the Speaker of I Liheslaturan Guåhan and the Office of Finance and Budget all correspondence between the United States Department of the CH. 13 OFFICE OF FINANCE AND BUDGET Treasury, the Department of Interior, the Office of Insular Affairs, or its successor, and any other entities of the United States Government related to said warrants.

(7)No later than fifteen

(15)days after receipt of any United States Department of the Treasury notice of garnishments, I Maga’lahen Guåhan (the Governor of Guam) shall transmit to the Speaker of I Liheslaturan Guåhan and the Office of Finance and Budget all correspondence between the United States Department of the Treasury, the Department of Interior, the Office of Insular Affairs, or its successor, and any other entities of the United States Government related to said garnishments.

(8)No later than fifteen

(15)days after the end of the third quarter of each fiscal year, I Maga’lahen Guåhan (the Governor of Guam) shall transmit to the Speaker of I Liheslaturan Guåhan and the Office of Finance and Budget the projected provision for tax refund data by provision category by quarter for the most recent five

(5)calendar years and the projection for the immediate forthcoming calendar year.