The bank account is empty
p. 15 · Read in the full issue
The Lutali Transition Team’s reports on American Samoa’s finances do not speak in macro-economic terms about the gross national product, the govern ment’s overall debt level, or the balance of payments.
It talks about meeting the payroll.
The following are excepts from one such report as noted in the Samoa News: “The bank account is empty. All the cash is used as fast as it becomes available to meet current obligations.
“At the end of September ASG had a bank balance of— $7,152,724 (in the red.) This included checks that were
printed but either not released or not cashed of $8,395,600.
“ASG also reported investments of $5,933,546 ... if [they] were cashed in and all outstanding checks were re leased, ASG would still have a negative bank balance of about $1.2 million.
“ASG relies on the Department of Interior’s operating grant [of about $20,000,000 a year] to cover one payroll a month, then uses [tax and other grant] collections to cover the other
payroll ...”
Both Governors Coleman and Lutali have secured advances on Interior’s monthly grants to help meet the bi monthly payroll.