This section presents statistics relating to the American Samoa Government revenues and expenditures.

In 2002, American Samoa Government adopted GASB Statement No. 34. It is a reporting approach established by Governmental Accounting Standards Board to enforce new requirements and a new reporting model for the annual financial reports of state and local governments. Its primary purpose is to develop annual financial reports for easier interpretations and understanding of government funding.  GASB No. 34 has technically changed the format of the financial statements in contrast to the previous years. This had made financial data incompatible for analytical purposes.  Therefore, it is difficult to evaluate the financial trends from previous years to 2002.

In Fiscal Year 2001, the American Samoa Government collected revenues totaling up to $190.1 million, and spent up to $189.8 million registering a historical FY-2001 surplus of $5.1 million.

With the implementation of the GASB No. 34 in FY 2002, the American Samoa Government collected revenues of $211.5 million, while total expenditures amounted to $180.5 million, again registering another extraordinary fiscal year end surplus of $31.7 million. Theoretically, the astronomical surplus is a result of remarkable tax collections by the government agencies.  In FY 2002, $53.3 million was collected versus $27 million collected in the previous year, a 97.3 percent increase in local tax collection.  Another major factor to the financial surplus of ASG is the $40 million insurance proceeds from previous hurricane disasters.  Not only that total fund balances resulted in a remarkable surplus, each fund categories such as General Fund has a yearend surplus of $4.2 million, Grant funds with a balance of $2.8 million, Debt Service Fund with a balance of $5.7 million and the Non-Major Governmental Funds with an ending surplus of $2.6 million.  FY 2002 is a year of major positive changes to ASG Finance due to accountability and transparency restored by the core agencies of the American Samoa Government.  However, government finance reporting is yet to be correct with most recent fiscal year data.  FY2003 and FY2004 Financial Reports are still in the pipeline and should be ready before the end of this year.

Tables (click here)