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The Virgin Islands Public Finance Authority (the "PFA" or the "Authority") was created by Act No. 5365 as a public corporation and autonomous governmental instrumentality, operating on behalf of the Government of the United States Virgin Islands (the "Government"). Its primary duties are 1) to aid the Government of the United States Virgin Islands in the performance of its fiscal duties; 2) to raise capital, public or private, for essential public projects; and 3) to create programs and enter into contracts which will support the financing needs of the Government, promote economic recovery, and contribute to the stability of the Territory’s economy.
The United States Virgin Islands Code provides that the debts, obligations, contracts, bonds, assets, receipts, expenditures, accounts, funds, facilities and property of the Authority shall be deemed to be those of the Authority and not to be those of the Government or of any of its offices, bureaus, departments, agencies, commissions, branches, agents, or employees.
Consequently, the Authority may borrow money, enter into contracts, and accept grant proceeds for public purposes. The PFA may also 1) lend the proceeds of bonds and/or other financing instruments to the Government; 2) guarantee loans and financial obligations incurred by the Government; 3) invest its funds; 4) arrange for the investment of funds belonging to the Government; 5) purchase notes and other obligations or instruments secured by real property; 6) execute contracts and financing instruments; 7) appoint, employ, and contract for the services of officers, agents, employees, and professional service providers as the Authority may deem appropriate; and, 8) exercise all such incidental powers as may be necessary or convenient for the purposes of carrying out the business objectives and interests of the Authority.
For more information about the USVI’s investor website please contact Lonnie Soury at (917) 519-4521, or Lsoury @soury.com.
On Thursday, September 30, 2021, Governor Albert Bryan Jr. signed the Fiscal Year 2022 Executive Budget bills and the FY 2021 Supplemental Executive Budget amendment, which appropriates money for a wide range of capital projects, $5 million for the V.I. Waste Management Authority’s debt to the V.I. Water and Power Authority and contributes $10 million to the Government Employees’ Retirement System (GERS), in addition to the Government of the Virgin Islands (GVI) employer match of $14 million.
U.S. VIRGIN ISLANDS – Governor Albert Bryan Jr. heard largely positive projections for Fiscal Year 2021 from the revenue-generating agencies and departments of the Government of the Virgin Islands during the Office of Management & Budget’s (OMB) 2021 Revenue Estimating Conference on Tuesday, August 10.
Budget includes wage increases both years for government employees; $110 million for continued tax refunds; $38 million to repay 8% salary cut; funding for 1,200 government jobs
U.S. VIRGIN ISLANDS — Governor Albert Bryan Jr. has submitted to the 34th Legislature the first ever two-year Executive Budget and said revenue projections continue to increase during the next two years, providing a very impressive outlook for Fiscal Years 2022 and 2023.