PEJ Stadium Project Expenditure Letter DOF, Additional Documents — Culture, Youth, Aging and Parks
Virgin Islands Public Finance Authority Post Office Box 430 Emancipation Garden Station St. Thomas, Virgin Islands 00802 Tel: 340-714-1635 / Fax: 340-714-1636 Office of the Director of Finance & Administration Email: nsimmonds@usvipfa.com February 10, 2026 Via Electronic Transmission Honorable Angel Bolques, Jr. Senator-At-Large 36" Legislature of the Virgin Islands Capital Building, P.O. Box 1690 St. Thomas, US Virgin Islands 00804 abolques@legvi.org Dear Senator Bolques, Jr.: The Virgin Islands Public Finance Authority (the “Authority”) is in receipt of your Chief of Staff, Judy Torres’ January 30, 2026, email requesting an update on additional payments or disbursements related to the Paul E. Joseph Stadium Project (the “PEJ Project”) since the Authority’s reporting as of June 2025. As mentioned in my July 10, 2025, correspondence, this project is funded through several appropriations from bond proceeds and the Community Facilities Trust Fund. …
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Virgin Islands Public Finance Authority Post Office Box 430 Emancipation Garden Station St. Thomas, Virgin Islands 00802 Tel: 340-714-1635 / Fax: 340-714-1636 Office of the Director of Finance & Administration Email: nsimmonds@usvipfa.com February 10, 2026 Via Electronic Transmission Honorable Angel Bolques, Jr. Senator-At-Large 36" Legislature of the Virgin Islands Capital Building, P.O. Box 1690 St. Thomas, US Virgin Islands 00804 abolques@legvi.org Dear Senator Bolques, Jr.: The Virgin Islands Public Finance Authority (the “Authority”) is in receipt of your Chief of Staff, Judy Torres’ January 30, 2026, email requesting an update on additional payments or disbursements related to the Paul E. Joseph Stadium Project (the “PEJ Project”) since the Authority’s reporting as of June 2025. As mentioned in my July 10, 2025, correspondence, this project is funded through several appropriations from bond proceeds and the Community Facilities Trust Fund. Provided below is a summary outlining the budgeted amount, sources of funding, expenditures, and current budgetary balance as of January 31, 2026, for the PEJ Project: Paul E. Joseph Stadium Project Funding Report as of January 31, 2026 Funding Source Budget Expended Available Authorizations Series 2003 Gross Receipt Tax Bonds $1,150,000.00 $1,150,000.00 $0.00 Board Resolution Nos. 03-013 & 15-012 Series 2014C Gross Receipt Tax Bonds 17,500,000.00 17,453,162.67 46,837.33 Act 7453, Sec. 2(D) Community Facilities Trust Account 480,000.00 282,187.00 197,813.00 Acts 7990, Sec. 1 & 8009, Sec. 1 Community Facilities Trust Account 5,124,000.00 902,025.00 4,221,975.00 Act 8781, Sec. 1 Internal Revenue Matching Fund 8,200,000.00 6,566,678.85 1,633,321.15 Act 8326, Sec. 1 Totals $32,454,000.00 $26,354,053.52 $6,099,946.48 Additionally, enclosed are detailed spreadsheets that list vendor names, payment dates, payment methods, and other relevant information, organized by funding sources. Honorable Angel Bolques, Jr. Paul E. Joseph Stadium Project February 10, 2026 If you have any further questions or need further clarification, please do not hesitate to contact me. Sincerely, ‘fa Nathan Simmonds Director of Finance and Administration cc: Members, Committee Budget, Appropriations & Finance, 36" Legislature Kevin McCurdy, Commissioner, Department of Finance Julio Rhymer, Director, Office of Management and Budget Attachments