Lou Leon Guerrero has received an award from government accounting professionals for her financial stewardship of the government of Guam. The following is a news release from the Office of the Governor about the award:
Governor Lou Leon Guerrero received the Professor John M. Phillips Excellence in Government Accountability Award. The annual award, provided by the AGA Guam Chapter, recognizes a government professional who exemplifies excellence in government, outstanding leadership, high ethical standards, and innovative management procedures.
“Mr. Phillips was a beloved family friend, mentor, and an expert in finances and accounting. I am truly humbled to be among the esteemed professionals recognized for honoring his legacy. Stabilizing our finances was key to ensuring our government could continue to provide vital public services to our people and expand these services,” said Governor Leon Guerrero during an intimate ceremony late last month. “Through strong fiscal policies, our administration has propelled the government of Guam into unchartered positive financial territory, and I want to thank our team for their tireless work to uplift the lives of the people of Guam and to do so in some of the most challenging times in Guam’s recent history.”
In addition to eliminating the $83 million General Fund deficit within her first term in office, the Leon Guerrero-Tenorio Administration has and continues to pay tax refunds in record time. Sound fiscal policies also resulted in a cumulative General Fund surplus four years in a row, all while achieving unmodified (clean) opinions through efforts of the Department of Administration. Additionally, she revived the government’s Rainy Day Fund and funded it at approximately $28 million. This financial success has allowed for public laws that she approved, including the lowering of Business Privilege Taxes for over 80% of business license holders, to 3% (instead of 5%) for those with gross receipts between $50,000 and $500,000, which has supported the island’s small business community. Governor Leon Guerrero also expanded services to the people of Guam during one of the most difficult times in Guam’s history—the COVID-19 pandemic. Numerous programs she championed, implemented, and paid out have held up the lives of thousands of families and businesses throughout the pandemic and its lingering impacts on the tourism industry.
According to the AGA Guam Chapter website, the award is named after Professor John M. Phillips, CGFM, CPA, MBA, for his contributions to advancing government accountability in the Pacific region. Professor Phillips was a charter member of the AGA Guam Chapter and a retired tenured professor of accounting at the University of Guam (UOG) after a 22-year career.
