The American Samoa Government (ASG) ended Fiscal Year 2024 with $139.2 million in General Fund revenues, falling short of its $143 million budget by $3.8 million.
This marked a steep decline from FY2023’s extraordinary $188.4 million in revenue.
Tax revenue, ASG’s primary funding source, delivered mixed results. Corporate tax revenue was nearly halved compared to FY2023, dropping to $23.5 million—$6.97 million below the budgeted $30.5 million.
Individual tax collections exceeded their $42.5 million budget by $5.8 million, reaching $48.3 million, but fell significantly from FY2023’s $67.8 million. Excise taxes also underperformed, with general excise taxes at $23 million and soda excise taxes at $2.1 million, both below their targets of $26 million and $2.5 million, respectively.
One bright spot was interest income, which surged to $7.6 million, far exceeding its $10,000 budget and doubling FY2023’s $3.9 million. This unexpected windfall comes from the interest earned on ASG’s remaining ARPA funds, itself a temporary and diminishing source. However, this windfall couldn’t offset shortfalls in other areas. Transfers from federal sources totaled $15.88 million, slightly below the $16 million budget and down from FY2023’s $18.17 million.
ASG’s proposed FY2025 budget of $733.6 million includes $165.9 million in local revenue—22.6% of the total budget. This projection has drawn sharp criticism from lawmakers, who question its feasibility given FY2024’s shortfalls and the sharp decline from FY2023’s revenues. Federal grants ($282.6 million), enterprise funds ($274.4 million), and capital improvement funds ($10.6 million) comprise the rest of the budget.
During the August 20, 2024, budget hearing, Senator Utu Sila Poasa noted that FY2024’s revenue trends suggest a more realistic projection of $139 million to $140 million for FY2025. Treasurer Malemo Tausaga and Budget Director Catherine Saelua defended the $165.9 million target, arguing that collections typically increase in the third and fourth quarters. Saelua claimed that FY2024 would end with a surplus of $4 million, despite falling short of revenue targets.
Senator Magalei Logovii, a former ASG Treasurer called the projection “unrealistic,” arguing that revenue collection data does not support the $165.9 million figure. He and other lawmakers warned that inflated projections could lead to budget crises, forcing service cuts or delayed payments.
Lawmakers questioned how the government could claim a surplus while withholding tax refunds.
Treasurer Malemo stated that payroll is prioritized, a stance criticized for its lack of fairness and transparency.
Lawmakers noted that FY2024’s local revenue was inflated by $22 million in supplemental appropriations, a one-time increase that cannot be relied upon in FY2025. This further undermines confidence in the proposed $165.9 million target.
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