The American Samoa Government (ASG) audited financial statements for the fiscal year ending September 30, 2023, reveals a robust financial performance. The audit was conducted by Larsons CPA.
Despite a shortfall in revenue compared to the budget, the government demonstrated strong fiscal discipline, resulting in a significant increase in net position and a healthy surplus in the General Fund.
ASG’s total revenue for FY 2023 amounted to $607.5 million, which was below the projected budget of $693.4 million.
This shortfall was primarily due to lower-than-expected revenues from federal grants and enterprise funds.
The budget had anticipated $341.7 million from federal grants and $224.5 million from enterprise funds, but actual revenues in these categories did not meet expectations. Local revenue, however, aligned with the budget projection of $116.9 million.
On the expenditure side, the ASG managed to maintain control. Total expenditures for FY 2023 were $544.1 million, closely aligning with the budgeted appropriations. Governmental activities accounted for $532.2 million of the expenditures, while business-type activities, such as those involving the airport and shipyard operations, accounted for $11.9 million.
This prudent management of expenses ensured that the total expenditures did not exceed the available revenues, contributing to the overall positive financial outcome.
One of the most notable highlights from the financial statements is the substantial increase in the ASG’s net position.
The net position rose by $63.4 million, reaching a total of $362.9 million.
This increase reflects the government’s effective fiscal management and strategic investment in capital assets. The net position for governmental activities increased to $254.5 million, while the business-type activities grew to $108.4 million.
The General Fund, a critical component of the ASG’s financial health, showed a particularly strong performance. The General Fund reported a cumulative net fund balance of $64.6 million, an increase from the previous year’s $48.2 million.
This was achieved through a surplus of $16.4 million in FY 2023. General Fund revenues, which include local taxes, fees, and federal grants, played a significant role in supporting governmental activities. The careful management of General Fund expenses ensured that expenditures were kept within the limits of the available revenues, resulting in a notable surplus.
Comparing the audited financial statements to the FY 2023 budget reveals several insights. While the actual total revenue fell short of the budget projections, the ASG’s disciplined approach to expenditure control played a crucial role in achieving a positive financial outcome.
The budget had allocated significant funds across various sectors, including $93.2 million for education, $154.6 million for health, and $42.4 million for general government. The audited financial statements confirm that the actual expenditures in these categories were managed effectively within the budget.
