WASHINGTON: Guam Highway Fund (GHF) revenues dropped slightly by $107,000 – 0.6 percent – from $19.1 million in fiscal year 2014 to $19 million in FY 2015 due to the decrease in driver’s license fee collections resulting from the extension of the license renewal requirement, from three years to five years.
The revenue stream for the GHF includes liquid fuel taxes, driver’s license, and vehicle registration fees. The highway fund was established by law for the purpose of funding maintenance and repair of the island’s roadways, highway safety plans, programs and projects.
Despite earning revenues of $19 million in fiscal year 2015, the fund registered an over-expenditure of $3.1 million as a result of costs placed against the account, according to a recent report by the Office of Public Accountability. However, a prior year surplus of $7.8 million funded the $3.1 million deficit, leaving an ending fund balance of $4.7 million.
According to the report, “overall combined expenditures increased by $3 million or 15.6 percent, going from $19.1 million in FY 2014 to $22.1 million in FY 2015.” The report noted several transportation-related expenditures supported by the fund in FY 2015, including a $1.7 million allocation for capital infrastructure projects; $6.2 million for the Department of Public Works Highway Maintenance and Transportation Divisions; and $3 million for the Guam Regional Transit Authority.
