The 38th Guam Legislature convened for its Third Special Session on September 10, 2025, to discuss critical financial matters, particularly surrounding the funding sources for proposed legislation. A significant focus of the meeting was the implications of Bill 44-38 and its potential impact on current funding proposals.

During the session, lawmakers engaged in a detailed dialogue about the origins of a proposed $40 million funding allocation. Questions were raised regarding the availability of funds and whether the passage of Bill 44-38 would have altered the current financial landscape. It was clarified that if Bill 44-38 had been enacted, the current bill under discussion would not have been necessary, as it would have provided a different funding source through anticipated Business Privilege Tax (BPT) revenues.

The conversation also touched on recent financial developments, including a refinancing initiative that resulted in a reduction of debt service costs. This refinancing is expected to save approximately $36 million over two years, with $19 million in the first year and $17 million in the second. However, officials emphasized that these savings do not constitute new revenue but rather a decrease in expenditures.

The session highlighted the ongoing challenges lawmakers face in balancing the need for funding with the realities of available resources. As discussions continue, the implications of these financial decisions will be closely monitored, particularly as they relate to the funding of essential services and programs in Guam.