Office of Finance and Budget

Creation of Office

 

There is hereby created, within I Liheslaturan Guåhan, under the supervision of the Committee on Ways and Means, or equivalent Standing Committee, the Office of Finance and Budget (“OFB”), organized and operating as I Liheslaturan Guåhan may from time to time provide through its Standing Rules.

 

Budget of Office

 

The budget of the OFB shall not be included as part of I Liheslaturan Guåhan’s annual operating budget.

 

Purpose of Office

 

The OFB shall administer this Chapter and perform the responsibilities assigned to it by law and the Standing Rules. It shall coordinate and gather information relevant to government revenue projections, fiscal policy, legislative appropriations, taxation, revenue collection, government expenditures, general fund revenues, and special fund revenues.

 

Administration of Office

 

The Chairperson of the Committee on Ways and Means, or equivalent Standing Committee, shall appoint a Director who shall administer the OFB and perform other duties as prescribed by law and the Standing Rules. The Director shall also be responsible for any and all matters assigned to OFB by the Chairperson of the Committee on Ways and Means, or equivalent Standing Committee.

 

Duties of Office

 

The Office of Finance and Budget shall:

 

(a) develop and adopt a model for Guam's existing and projected economy that simulates the effect of revenue raising, the effect of any proposed benefits to said economy, optional revenue generation and the utility thereof;

 

(b) compile and provide to I Liheslaturan Guåhan, I Maga'lahi and the public forecasts of revenue that do not consider new or increased taxes, fees or other revenue enhancements authorized by an Annual or Supplemental Operating Budget Bill, but that do consider current and prior year expenditures, surpluses and deficits;

 

(c) assess the impact of federal expenditures on Guam; and

 

(d) perform such other duties as are assigned to it by the Standing Rules of I Liheslaturan Guåhan or the Chairperson of the Committee on Ways and Means or the equivalent committee.