The Office of Finance and Budget (OFB) was first established on January 3, 2001 by the 25th Guam Legislature through Public Law 25-176, a Supplemental Appropriations Act to the General Appropriations Act of 2001. The proposal was the introduced by Senator Kaleo S. Moylan, the Chairman of the Committee on Ways and Means at the time. Bertha M. Duenas was appointed as the first director of the new office.
Public Law 25-176 gave the Chairman of the Committee on Ways and Means (or equivalent Standing Committee), administrative oversight over the OFB and mandated a separate operating budget for the office and its operations. When it was first created, the purpose of the office was to, “begin the long overdue and arduous process of renewed fiscal discipline in the interest of restoring public confidence in its government and the use of its resources.”
In January of 2003, then-Vice Speaker and Senator Frank Aguon Jr. served as the Chairman of the Committee on Appropriations and Budgeting, General Governmental Operations, Reorganization and Reform for the 27th Guam Legislature and had oversight over the OFB during his tenure. He appointed Benny M. Paulino as his first Director of the OFB. Ike Iriarte was appointed Director subsequent to Paulino's tenure.
In January of 2005, Former Vice Speaker and Senator Edward J. B. Calvo served as the Chairman of the Committee on Finance, Taxation, Commerce and Economic Development for the 28th and 29th Guam Legislatures with oversight over the OFB. He appointed Bernadette F. Artero as the Director of the OFB.
The OFB enabling legislation was eventually codified in Chapter 13, Title 11 of the Guam Code Annotated in the 29thGuam Legislature pursuant to Section 29, Chapter VI of Public Law 29-02.
In January of 2009, Former Speaker and Senator Vicente (ben) Cabrera Pangelinan became Chairman of the Committee on Appropriations, Taxation, Banking, Insurance, Retirement and Land in the 30th Guam Legislature and appointed Christopher M. Budasi as the Director of the OFB. Pangelinan continued as the Chairman of the Committee on Appropriations, Taxation, Public Debt, Banking, Insurance, Retirement and Land in the 31st Guam Legislature, and the Chairman of the Committee on Appropriations, Public Debt, Legal Affairs, Retirement, Public Parks, Recreation, Historic Preservation, and Land in the 32nd Guam Legislature until his untimely death in July of 2014. Then-Vice Speaker Benjamin J. F. Cruz, who served as Vice-Chairman of Pangelinan’s Committee, assumed the position of Acting Chairman of Pangelinan’s Committee for the remainder of the 32nd Guam Legislature. Prior to his passing, Pangelinan appointed Artemio “Ricky” Hernandez as Director of the OFB in November of 2013.
In January of 2015, then-Vice Speaker Benjamin J. F. Cruz became the Chairman of the Committee on Appropriations and Adjudication of the 33rd Guam Legislature and appointed Hernandez as its continued Director of the OFB. Cruz continued his Chairmanship of the Committee on Appropriations and Adjudication in the 34th Guam Legislature until he resigned to become Guam's second elected Public Auditor. Senator Thomas C. Ada assumed the role of Chairman of the Committee on Appropriations and Adjudication in the 34th Guam Legislature and retained Hernandez as the Director of the OFB.
In January of 2019, Senator Joe S. San Agustin became the Chairman of the Committee on General Government Operations, Appropriations, and Housing of the 35th Guam Legislature and appointed Stephen Guerrero as the Director of the OFB. Senator San Agustin continued as the Chairman of the Committee on General Government Operations, Appropriations, and Housing of the 36th Guam Legislature and retained Stephen Guerrero as the Director of OFB.