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Collection: Government Financials
Sub-shelf: DOF Budgets & Financial Statements
Kind: Financial Report
Island: St. Thomas
Date: 2022-10-19
Topics: Disaster Recovery, Public Finance
Pages: 8
Text: Native Text

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REVENUE ESTIMATING CONFERENCE July 31, 2021 Virgin Islands Public Finance Authority 1 OBJECTIVE • Provide a summary of PFA related revenue inflows to the Government of the Virgin Islands. • Provide a summary view of the capital projects, by agency, financed with bond proceeds arranged by the PFA. • Provide a summary update of debt service of PFA arranged bond financing. 2 PFA RELATED REVENUE INFLOWS 3 $ In Thousands FY2019 FY2020 FY2021 FY2022 FY2023 Total Matching Fund Revenues (General Fund) 16,500 31,682 43,219 45,772 49,320 186,493 Community Facilities Trust Fund 1,185 1,198 1,197 1,198 1,198 5,976 Matching Fund Revenues (Other GVI Contributions) 17,500 21,600 12,600 18,500 18,500 88,700 Lonesome Dove (Senior Citizen fund then General Fund)) 155 600 700 700 700 2,855 Limetree Bay Terminals Upfront (General Fund) 0 0 0 0 0 0 Limetree Bay Terminals Payments (General Fund) 10,000 11,217 7,966 0 o 29,183 Limetree Bay Promissory Note (General Fund) 0 0 2,279 2,279 2,279 6,837 Limetree Bay Refinery Payments (General Fund) 0 0 2,263 0 0 2,263 TOTAL 45,340 66,297 70,224 68,449 71,997 322,307 Matching Fund Revenues (General Fund) (Community Facilities Trust Fund) & (Other GVI Contributions): (FY2022 & FY2023 are estimates) Lonesome Dove: (FY2021, FY2022 & FY2023 are estimates) Lonesome Dove is an operating entity consisting of subleased interests in federal oil and gas leases and mineral interests. Funds received by the Authority from the shares of Lonesome Dove are paid to the BIR to satisfy certain tax obligations due to the Government of the United States Virgin Islands. Limetree Bay: (FY2021, FY2022 & FY2023 are estimates) On July 2, 2021, Limetree Bay Terminals advised the Government that they do not intend to make the quarterly terminal variable payments due on June 30, 2021, due to the loss of its major client, Limetree Bay Refinery. On July 2, 2021, Limetree Bay Refining advised the Government that the refinery does not intend to make the quarterly refinery variable payment due on June 30, 2021, due to the financial condition of the refinery along with their decision to suspend refinery restart. Limetree Bay Refinery filed for Chapter 11 Bankruptcy protection on July 12, 2021 CAPITAL PROJECTS 4 $ In Thousands As of July 31, 2021 Agency Budget Expended Remaining Cost to Complete Authorized (Earliest Date) Start (Earliest Date) Completion (Latest Date) Reprogram Amounts BIT 2,050 1,319 731 731 10-Jun-05 31-Dec-18 30-Dec-25 0 BOC 3,095 2,192 903 903 25-Nov-15 1-Jun-18 31-Dec-21 0 DHS 300 238 62 62 8-Feb-08 1-Apr-19 30-Sep-20 0 DOE 6,804 2,301 4,503 4,503 28-Oct-09 24-Oct-16 30-Sep-21 0 DOF 70 69 1 1 7-Jul-15 29-Feb-16 Completed 0 DOH 4,797 3,148 1,649 1,649 8-Nov-01 1-May-19 1-Dec-20 0 DOJ 245 233 12 12 7-Jul-15 29-Feb-16 Completed 0 DPNR 5,364 3,130 2,234 2,234 28-Oct-09 15-Apr-19 1-Aug-20 0 DPP 3,155 2,867 288 198 7-Oct-16 7-Oct-16 31-Dec-20 90 DPW 128,450 75,115 53,335 53,335 28-Oct-09 9-Apr-18 30-Sep-21 0 DSPR 27,845 17,538 10,307 10,307 14-Dec-12 21-Jul-17 31-Dec-20 0 JFLH 8,000 6,672 1,328 1,328 8-Oct-14 1-Oct-14 30-Sep-20 0 LGO 150 0 150 150 1-Feb-17 15-Mar-19 31-Dec-20 0 OMB 500 202 298 298 28-Nov-15 30-Nov-16 On Hold 0 OOG 2,028 2,005 23 23 8-Feb-08 22-Apr-08 On Hold 0 SRMC 9,000 6,930 2,070 2,070 8-Oct-14 1-May-15 30-Sep-20 0 VIPA 500 0 500 500 11-Jul-14 1-Aug-19 1-May-21 0 VIPD 1,495 1,153 342 342 23-Mar-15 24-Apr-15 Completed 0 VIPFA 300 0 300 300 19-May-21 1-Oct-21 On Hold VIWMA 3,104 2,686 418 418 15-Sep-19 14-Nov-19 31-Dec-20 0 WAPA 323 252 71 71 28-Oct-09 1-Jun-19 31-Dec-20 0 Total 207,575 128,050 79,525 79,435 90 PFA DEBT SERVICE FY 2021 5 $ In Thousands (Fiscal Year 2021) Principal Interest Total GRT (General Obligations) 32,743 30,107 62,850 GRT (Community Disaster Loans) 0 0 0 Matching Fund (Revenue Obligation) 48,165 36,747 84,912 Tax Incremental Financing (Island Crossings) 492 792 1,284 GARVEE (Paid from Federal Highway Grant Revenues) 4,015 3,557 7,572 Total PFA 85,415 71,203 156,618 Guarantees (WICO) 945 2,068 3,013 Grand Total 86,360 73,271 159,631 PFA DEBT SERVICE FY 2022 6 $ In Thousands (Fiscal Year 2022) Principal Interest Total GRT (General Obligations) 30,377 28,596 58,973 GRT (Community Disaster Loans) 0 6,007 6,007 Matching Fund (Revenue Obligation) 51,025 34,283 85,308 Tax Incremental Financing (Island Crossings) 527 757 1,284 GARVEE (Paid from Federal Highway Grant Revenues) 4,220 3,356 7,576 Total PFA 86,149 72,999 159,148 Guarantees (WICO) 38,847 1,827 40 ,674 Grand Total 124,996 74,826 199,822 PFA DEBT SERVICE FY 2023 7 $ In Thousands (Fiscal Year 2023) Principal Interest Total GRT (General Obligations) 31,630 27,055 58,685 GRT (Community Disaster Loans) 5,446 9,353 14,799 Matching Fund (Revenue Obligation) 53,275 31,687 84,962 Tax Incremental Financing (Island Crossings) 565 649 1,214 GARVEE (Paid from Federal Highway Grant Revenues) 4,430 3,145 7,575 Total PFA 95,346 71,899 167,235 Guarantees (WICO) 0 0 0 Grand Total 95,346 71,899 167,235 QUESTIONS? Virgin Islands Public Finance Authority www.usvipfa.com Nathan Simmonds Director of Finance and Administration (340) 714-1635 nsimmonds@usvipfa.com 8 Contact Information