Act No. 8855 — An Act requiring the Government of the Virgin Islands to submit a Fiscal Year 2024 Budget Reduction Plan to align with current fiscal year r
ACTNO.8 855 BILL NO. 35-0293 THIRTY-FIFTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2024 An Act requiring the Government of the Virgin Islands to submit a Fiscal Year 2024 Budget Reduction Plan to align with current fiscal year revenues and expenditures ca |e WHEREAS, on May 7, 2024, the Government of the Virgin Islands held the annual spring revenue estimating conference; WHEREAS, pursuant to title 2 Virgin Islands Code, chapter 2, section 22, paragraph (5), the Government of the Virgin Islands Office of Management and Budget presented its findings from the estimating conference to the Legislature of the Virgin Islands; WHEREAS, the Office of Management and Budget reported that revenue collections are lower than projections; WHEREAS, the Office of Management and Budget further reported that fiscal year 2024 revenue collections will be approximately $90.9 million below the appropriation amount of $998,002,428; WHEREAS, based on testimony, collection, and expense reports, the current fiscal year revenues and expenditures do not align with the appropriation levels approved by t …
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