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.
The Office of Management & Budget (OMB) and members of Governor
Albert Bryan Jr.’s Financial Team are putting the final touches on the Fiscal Year 2025
Recommended Executive Budget. This follows a series of intense evaluations and discussions at
the recent Spring Revenue Estimating Conference held on May 7th.
In line with Title 2, Chapter 2, Section 22 of the Virgin Islands Code, OMB is currently performing
a detailed mid-year review of the current FY 2024 budget. This review is crucial for ensuring that
the budgeted amounts are in step with the actual revenues collected, a key element in
maintaining fiscal responsibility and transparency.
The OMB will soon report its findings to the Committee on Finance and the Legislature’s Post
Audit Division, adhering to the legal deadline set for one month after the revenue estimating
conference.
Leader of Governor Bryan’s financial team, OMB Director Jenifer O’Neal, and other members of
Governor Bryan’s financial team, has been rigorously working to match the FY 2024 budget
projections with the actual financial data, aiming to establish a strong and feasible fiscal plan for
FY 2025. This effort highlights the administration’s commitment to prudent financial
management and strategic planning.
“Our financial team’s thorough work demonstrates our steadfast commitment to serving the
Virgin Islands with integrity and transparency,” Governor Bryan stated. “We are well-prepared to
introduce a balanced and thorough budget that meets our community’s needs and paves the way
for sustainable growth and development.”
The Financial Team is scheduled to provide an overview of the Fiscal Year 2025 budget on June
4th. During this presentation, they will detail the main aspects of the budget and explain how
these support the governor’s priorities in health, education, public safety, and economic growth.
Governor Albert Bryan Jr. has taken decisive action to secure the energy needs of the U.S. Virgin Islands by initiating a significant payment to the Virgin Islands Water & Power Authority (WAPA). On April 23rd, the Virgin Islands government made a payment of $2,316,889.64 to WAPA on behalf of the Virgin Islands Waste Management Authority towards its substantial arrears.
This payment is part of a broader effort following Governor Bryan’s declaration of a state of emergency on Monday to address the territory’s energy security. This urgent step allowed access to funds from the Territory’s Budget Stabilization Fund to clear more than $11 million in debts owed by key semi-autonomous entities to WAPA.
This payment was specifically directed for WAPA to settle its debts with Aggreko, ensuring the continued operation and leasing of essential generators. This measure is critical to providing sufficient and reliable generation capacity to prevent rotating power outages in the St. Croix district.
Governor Bryan emphasized the necessity of this action, stating, “The state of emergency was a necessary measure to counteract WAPA’s challenges in maintaining normal generation capacity and to prevent the unacceptable alternative of rotating power outages that would impact our residents and businesses severely.”
This emergency action follows a pivotal December 2023 meeting with members of the 35th Legislature, where Governor Bryan proposed a consolidated financial oversight measure for semi-autonomous agencies. This initiative was aimed at ensuring that funds allocated to these agencies are expressly used to fulfill their utility obligations. Unfortunately, this proposal was not taken up by the legislature, leaving critical financial issues unresolved.
In addition to Tuesday’s payment, the Government of the Virgin Islands had recently paid just over $4 million to WAPA on April 12, 2024, for regular monthly bills from the Single Payer Utility Fund, plus funds on behalf of the Governor Juan F Luis Hospital and the Schneider Regional Medical Center, ensuring they meet their utility obligations.
Governor Bryan continued, “Rotating power is an unacceptable recourse for inaction. My administration remains committed to working with the 35th Legislature to resolve the financial challenges facing WAPA and ensure the Authority is placed on a sound financial footing for the future.”
Shortly after taking office in January 2019, Governor Bryan’s administration has addressed over $26 million in outstanding debts to WAPA, maintaining current payments through a single-payer system for central government agencies.
The Bryan Roach administration has included $5 million annually for the Budget Stabilization Fund since the FY2020 Executive Budget year and intends to continue to earmark funding for the Budget Stabilization Fund in its Fiscal Year Executive Budget proposals.
The Governor reiterates his administration’s ongoing commitment to fiscal responsibility and proactive governance to secure the well-being and economic stability of the U.S. Virgin Islands.
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
U.S. VIRGIN ISLANDS—Governor Albert Bryan Jr. announced Wednesday that the United States Department of Housing and Urban Development (HUD) has approved the Virgin Islands Housing Finance Authority’s Substantial Amendment, paving the way for the use of $145 million in Community Development Block Grant mitigation (CDBG-MIT) funds to the Virgin Islands Water and Power Authority (WAPA) to acquire the VITOL propane terminals at the Richmond Power Plant in St. Croix and the Randolph Harley Power Plant in St. Thomas.
This landmark development marks a significant milestone in the Administration’s ongoing efforts to enhance the Virgin Islands’ energy infrastructure and improve the delivery of utility services to its residents.
With the acquisition of the LPG assets from VITOL, WAPA will gain greater control of the fuel supply and management of fuel costs.
Control of the propane facilities will enable WAPA to refocus efforts toward executing its strategic priorities and resiliency projects, which include the significant expansion of renewable energy integration into the grid.
Governor Bryan underscored the importance of this achievement, stating, “There is no easy fix to a system that has been broken for 60 years. It takes commitment, diligence, political courage, and, most importantly, working together. I want to again thank the members of the 35th Legislature who supported the legislation approving the line of credit needed to complete this plan and the leadership teams at HUD, VIHFA, and WAPA for their diligent efforts, which helped us achieve this milestone.
This transformational development will position WAPA to deliver more affordable and efficient services to its ratepayers, ultimately benefiting the people of the U.S. Virgin Islands.
The acquisition of the VITOL propane terminals represents a significant step forward in the Administration’s goal to build a more resilient and sustainable energy future for the U.S. Virgin Islands.
Governor
Commissioner of Finance
Director of Finance and Administration