St. Thomas – The Committee on Finance chaired by Sen. Kurt Vialet, held a meeting at the Capitol Building on Tuesday, to receive testimony from the Governor’s Financial Team on the rollover appropriations from FY 2017 to FY2018 Budget.
“At the end of this meeting, we will have a better understanding of the FY 2018 status. The goal is to determine a budget that will cover January 1st-September 30th for FY 2018 based on the numbers from FY 2017,” said Sen. Vialet.
“The estimated revenue loss $436.6 million, combined with an estimated expenditure increase of $29.4 million to open a $453 million gap; which partially offset by the approval of $250 million Community Disaster Loan with a remaining deficit of $203 million,” said Director Bowry. “The baseline budget for FY 2018 is $81.1 million less than the FY 2017 roll over appropriations. Therefore, the FY 2018 budget is $284.1 million.”
Nellon Bowry, Director of the Office of Management and Budget, stated that the damage as a result of Hurricanes Irma & Maria adversely affected the FY 2018 Executive Budget for the Government of the Virgin Islands by reducing revenues and increasing expenditures.
Sen. Vialet said, “We had an opportunity to review the documentation. The estimated revenue projections and revenue loss are a result of the Governor’s Financial Team early assessment of the damage caused by the two hurricanes. For the Legislature to move forward with the FY 2018 budget, we want to make sure that all numbers are accurate. We need updated information so that the Government of Virgin Islands will be able to meet their financial obligations.”