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During Monday’s Government House press briefing, Governor Albert Bryan Jr. introduced the newest member of his Cabinet, Finance Commissioner Nominee Kevin McCurdy. McCurdy, a Virgin Islander, returns to the territory from Chicago, where he worked as the Associate Vice President of Finance and Planning at Adler University.

“I know he is committed to this community,” Governor Bryan said, stating that McCurdy’s family is in the territory. “I welcome him today and introduce him to you as our designee for the Commissioner of Finance.”

McCurdy previously served as Associate Director for the Office of Management and Budget and held several positions at OMB to include Senior Budget Analysis and Revenue Control Officer.  McCurdy holds a master’s degree in economics and a bachelor’s degree in accounting from Roosevelt University in Chicago.

The Virgin Islands Public Finance Authority on Thursday, June 15, closed on the $100 million line of credit that the 35th Legislature approved for the Government of the Virgin Islands (GVI) and made its first draw against the loan for $45 million to repay advance funds utilized from the General Fund.

The $100 million line of credit is with First Bank of Puerto Rico, and it will be used to further the Territory’s disaster recovery efforts.

The $45 million advance funds from the General Fund were paid by the GVI on behalf of the V.I. Water and Power Authority to VITOL as payment toward WAPA acquiring some of the supplier’s liquid propane gas (LPG) assets.

WAPA is in the process of applying for federal funding that will reimburse the line of credit by August.

“I want to thank the 35th Legislature for approving this line of credit,” Governor Albert Bryan Jr. said. “With the acquisition of the LPG assets, WAPA will have more control of the fuel supply and management of fuel costs, which will eliminate substantial debt so the utility can better focus on executing its strategic priorities.”

During testimony before the Senate on April 5, 2023, the Governor’s financial team explained that the line of credit will be used to fund disaster recovery projects pending reimbursements from the Territory’s federal partners.

Similarly, WAPA, with the assistance and support of the GVI, is in the process of applying to the U.S. Department of  Housing and Urban Development (HUD) for federal funding that would provide reimbursement by August for the $45 million draw on the line of credit used to acquire VITOL’s LPG assets.

The Bryan-Roach Administration is investing in the Territory’s people, infrastructure and future through transparency, stabilizing the economy, restoring trust in the government and ensuring that recovery projects are completed as quickly as possible. Visit transparency.vi.gov

Governor Albert Bryan Jr. sent down his Fiscal Year Executive Budget Proposal to the 35th Legislature on Tuesday, May 30, which totals $1.4 billion in expenditures.

“Once again, we submitted two years of budgeting,” Governor Bryan said during Tuesday’s weekly Government House briefing. “We think that’s a good way for the Legislature and for us to forecast what is to come. Revenues are up we’re predicting. We have growth for every year the Bryan-Roach Administration has been in office, so we want to continue that.”

Under the Bryan-Roach Administration, the Territory’s Gross Domestic Product for 2021 increased 2.8 percent in 2021 after decreasing 1.9 percent in 2020, according to statistics released by the U.S. Bureau of Economic Analysis.

The FY 2024-2025 Executive Budget proposal breaks down to $969 million for the General Fund, $334.9 million in federal funds, $84.3 million in other funds and $35.2 million in non-appropriated funds.

Included in the FY 2024-2025 Executive Budget are $25 million in retroactive wages to retirees and those who are owed union wages.

“We made a commitment to do it every years, and it’s in here again,” Governor Bryan said.

The Governor also thanked OMB Director Jenifer O’Neal and her staff for submitting the executive budget on time for the fifth consecutive year.

The Bryan-Roach Administration is investing in the Territory’s people, infrastructure and future through transparency, stabilizing the economy, restoring trust in the government and ensuring that recovery projects are completed as quickly as possible. Visit transparency.vi.gov