VI Update

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A VI Update Project · Brian LoudenThe territory’s public record — kept public.

OMB Revenue estimating conference march 25, 2022

Collection
Government Financials
Sub-shelf
DOF Budgets & Financial Statements
Kind
Financial Report
Date
2023-03-09
Topics
Public Finance
Pages
18
Text
Native Text

OMB REVENUE ESTIMATING CONFERENCE MARCH 14, 2023 DIVISION OF LICENSING DIRECTOR HORACE GRAHAM ASSISTANT DIRECTOR KARLEEN JEFFERS STX – 3 LICENSING OFFICERS 1 CASHIER STT – 5 LICENSING OFFICERS 1 CASHIER FY 2020 TO DATE # OF BUSINESSES LICENSES ISSUED # OF NEW BUSINESS LICENSES ISSUED 0 2000 4000 6000 8000 10000 12000 2020 2021 2022 2023 Renewal New STX LICENSES ISSUED VERSUS CATEGORIES ISSUED 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 2020 2021 2022 2023 STX Licenses Issued versus Categories Issued Series1 Series2 STT LICENSES ISSUED VERSUS CATEGORIES ISSUED 0 2000 4000 6000 8000 10000 12000 14000 2020 2021 2022 2023 STT Licenses Issued versus Categories Issued Series1 Series2 STJ LICENSES ISSUED VERSUS CATEGORIES ISSUED 0 500 1000 1500 2000 2500 2020 2021 2022 2023 STJ Licenses Issued versus Categories Issued Series1 Series2 DLCA REVENUE COLLECTED FROM FY 2020 TO DATE 0.00 1,000,000.00 2,000,000.00 3,000,000.00 4,000,000.00 5,000,000.00 6,000,000.00 License Fees Fines/Penalties Vendor Plaza VIPD Fees DPNR Fees Firearms Bounce Checks Boards Totals REVENUE COLLECTED FROM FY 20 TO …

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OMB REVENUE ESTIMATING CONFERENCE MARCH 14, 2023 DIVISION OF LICENSING DIRECTOR HORACE GRAHAM ASSISTANT DIRECTOR KARLEEN JEFFERS STX – 3 LICENSING OFFICERS 1 CASHIER STT – 5 LICENSING OFFICERS 1 CASHIER FY 2020 TO DATE # OF BUSINESSES LICENSES ISSUED # OF NEW BUSINESS LICENSES ISSUED 0 2000 4000 6000 8000 10000 12000 2020 2021 2022 2023 Renewal New STX LICENSES ISSUED VERSUS CATEGORIES ISSUED 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 2020 2021 2022 2023 STX Licenses Issued versus Categories Issued Series1 Series2 STT LICENSES ISSUED VERSUS CATEGORIES ISSUED 0 2000 4000 6000 8000 10000 12000 14000 2020 2021 2022 2023 STT Licenses Issued versus Categories Issued Series1 Series2 STJ LICENSES ISSUED VERSUS CATEGORIES ISSUED 0 500 1000 1500 2000 2500 2020 2021 2022 2023 STJ Licenses Issued versus Categories Issued Series1 Series2 DLCA REVENUE COLLECTED FROM FY 2020 TO DATE 0.00 1,000,000.00 2,000,000.00 3,000,000.00 4,000,000.00 5,000,000.00 6,000,000.00 License Fees Fines/Penalties Vendor Plaza VIPD Fees DPNR Fees Firearms Bounce Checks Boards Totals REVENUE COLLECTED FROM FY 20 TO FEBRUARY 28, 2023 2020 2021 2022 2023 DEPARTMENT OF LICENSING & CONSUMER AFFAIRS TOP 10 LICENSE CATEGORIES FY 23 License Category Territorial Count Importer of Goods 1495 Retail Shop & Store-No Liquor/Beer 1350 Itinerant Vendor License 512 Business & Management Consulting 459 Tavernkeeper A (Distilled & Fermented) 447 Apartment House D (4 units or less) 436 Commercial Farming Plants & or Animals 392 Tavern 389 Short Term Rental A (5 or more persons) 378 Trucking, Trans. & Delivery 367 DIVISION OF BOARDS & COMMISSIONS ASSISTANT COMMISSIONER H. NATHALIE HODGE STX – 1 – SECRETARY 1 – LICENSING OFFICER STT - 1 – SPECIAL ASSISTANT 1 – LICENSING OFFICER 1 – SPECIAL INVESTIGATOR DIVISION OF BOARDS & COMMISSIONS REVENUE FY 2020 TO DATE 0.00 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 500,000.00 2020 2021 2022 2023 BOARDS & COMMISSIONS LICENSES ISSUED VERSUS CATEGORIES ISSUED 0 500 1000 1500 2000 2500 3000 License Issued Categories Renewed Issued Categories New Issued Categories 2020 2021 2022 2023 REVENUE ESTIMATE SNAPSHOT Department of Licensing & Consumer Affairs REVENUE BREAKDOWN Revenue Category Project Count (If Applicable) Est. Revenue Fiscal Year License Fees $5,114,104.88 24 Penalties $843,330.97 24 Boards & Commissions $481,685.07 24 License Fees $5,369,810.12 25 Penalties $885,497.52 25 Boards & Commissions $505,769.32 25 FY24 and FY25 Total Estimated Revenue Revenue Summary FY24: $6,439,120.92 Highlight 1:License Fees +15% per annum increase in License Fees Highlight 2: Fines/Penalties +30% assessment rate in FY24 FY25: $6,761,076.97 Highlight 3:Board & Commission +5% per year via increase in volume $5,554,511.54 $6,439,120.92 $6,761,076.97 LICENSE FEE INCREASE Proposed 15% Business License Fee Increase October 1, 2023 | October 1, 2024 The estimated cost of regulation in FY 23 is $5.6 million The estimated cost of regulation in FY 24 is $6.5 million and is expected to increase at a rate of 5% annually. PENALTY FEE INCREASE Currently the penalty fee for delinquency is calculated at a rate of 10% per month for the period of delinquency. The Division of Licensing will seek to increase this rate to 30% and institute a limit of 3 years, after which a business license will be administratively terminated. OMB REVENUE ESTIMATING CONFERENCE 3/14/23 The End! Questions? Thank You!