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COMMITTEE RECEIVES UPDATE FROM GOVERNMENT’S FINANCIAL TEAM, STATUS OF CAPITAL PROJECTS - Legislature of the United States Virgin Islands Close About Us History Functions and Structure FY 2026 Budget Honor Roll Rules of the 36th Legislative Youth Advisory Council Application Careers Archives Legislative Archives Tours × St. Thomas Senators  St. John Senators  St.Croix Senators  Districts All Senators St. Croix St. Thomas - St. John Senator at Large × Committees Committee of the Whole Budget, Appropriation and Finance Culture, Youth, Aging, Sports, and Parks Disaster Recovery, Infrastructure and Planning Economic Development and Agriculture Education and Workforce Development Government Operations, Veteran Affairs and Consumer Protection Health, Hospitals and Human Services Homeland Security, Justice and Public Safety Housing, Transportation and Telecommunications Rules and Judiciary Session Folder × No event found! Calendars Bi-Weekly Senate Calendar Session Agenda × Dialog window Dialog window General Senators Committees Media Calendars Contact BUDGET, APPROPRIATIONS AND FINANCE | News | Press Releases | Senator Novelle E. Francis, Jr. COMMITTEE RECEIVES UPDATE FROM GOVERNMENT’S FINANCIAL TEAM, STATUS OF CAPITAL PROJECTS Published: Feb 18, 2025 Search for: ST. CROIX – The Committee on Budget, Appropriations, and Finance, chaired by Senator Novelle E. Francis Jr. met in the Frits E. Lawaetz Legislative Conference Room. Lawmakers received testimony from the Governor’s Financial Team on the territory’s finances to include the status of vendor payments, property taxes, 90-120 days revenue collections, 90-120 days general expenditures, the Tourism Revolving Fund, Compliance reporting in accordance with Act 8915, the Line of Credit, the Budget Stabilization Fund, the Single Payer Utility, cash on hand, federal drawdowns and status of federal grants to include, but not limited to FEMA, ARPA and CARES and the Epstein Fund. Additionally, Senators also received testimony from the Virgin Islands Department of Public Works on the overview of territorial capital projects, GARVEE funded projects, an update on road projects and bridges, the status of the Paul E. Joseph Stadium and the VITRAN Maintenance Operations Facility on St. Croix. Kevin McCurdy, Commissioner of the Virgin Islands Department of Finance delivered primary testimony on behalf of the Governor’s Financial Team. When asked by Chairman Novelle Francis to give one word for the state of financial health of the Virgin Islands, Commissioner of Finance McCurdy characterized it as optimistically stable. Majority Leader Kurt Vialet questioned this characterization and asked if he was in denial.  McCurdy stated that it was not an unusual state to be in, considering the outstanding payments owed to the government.  According to testimony, the Central Government of the Virgin Islands, through February 2, 2025, has paid a total of $485.3 million in vendor payments. As of February 7, 2025, the total amount of accounts payable was $66.1 Million. The Central Government has collected $298.5 Million in revenue, with $247.2 million into the general fund, and $51.3 million into special funds. As of February 7, 2025, the Government of the Virgin Islands ended with $38.9 Million available cash, of which $26.4 Million was in the general fund, and $12.5 Million in special funds. This cash balance benefited in part from $40 Million of transfers in November and December 2024 from the line of credit into the General Fund. Commissioner McCurdy updated on the Tourism Revolving Fund, which currently has $64.5 Million. For FY 2025, a total of $7.9 Million has been collected, and a total of $13.9 Million has been expended, a result of the pool cash system. The main source of the fund continues to be the Hotel Occupancy Tax, which contributes 91% of the funding and comes through the Virgin Islands Bureau of Internal Revenue. For compliance requirements, McCurdy stated that the Department continues to meet the statutory reporting mandated by Act 8915, which includes submitting revenue and expenditures reports. Of the $50 million line of credit that was established in November 2024, $40 Million has been drawn down and of that, $11 Million has been returned, leaving a current available balance of $19.9 Million. $29 Million was used to support the GVI’s operations.  The line of credit of $100 million supports the Office of Disaster Recovery’s (ODR) efforts to provide payments and funding for vendors to augment the pace of the recovery. ODR has used $93.1 Million of the line of credit. $73.5 million has been repaid from federal reimbursements. The total amount of the Epstein settlement totals $254,782,494. The total amount allocated to the territory is $182,004,812. There were $74,738,981 in legal fees. Cindy Richardson, Director of the Division of Personnel, reported on the government’s human resource management. The Central Government currently employs 5,287 persons, with 2,967 in the St. Thomas- St. John District and 2,860 in the St Croix District. There are a total of 1,341 unclassified employees and 4,375 classified employees. In his presentation to the Committee, Virgin Islands Department of Public Works Commissioner Derek Gabriel testified that the Department has made substantial progress in maintaining and rehabilitating transportation infrastructure in the territory.   On St. Croix, the permanent bridge on East Airport Road reopened to traffic on February 3, 2025, and the temporary Route 669 near the Agricultural Fair Ground reopened on February 14, 2025, with full work expected to be completed by September 2025. The Clifton Hill Connector Project is in its final phase, set for completion by April 2025, and the Airport Road project is 70% complete, and expected to be completed in March 2025. Phase 2 road improvements, including milling, resurfacing, and drainage work, have been completed, except for King Cross Street in Christiansted. Commissioner Gabriel added that the St. Croix Vitran Maintenance Building Phase 2 contract was terminated in October 2024 due to dissatisfaction with the contractor and is currently being resolicited, with construction set to resume in August 2025. On St. Thomas, projects include the Veterans Drive Improvement Phase 2A, First Avenue Roadway and Drainage Improvements, and road maintenance, such as resurfacing of sections of Veterans Drive, as well as paving of roads in St. Thomas. In response to lawmakers concerns about the delays affecting the Paul E. Joseph Stadium, Gabriel said that a notice to proceed for the Paul E. Joseph Stadium was issued on October 4, 2024. Senator Franklin D. Johnson emphasized that the contractor needs to be held accountable. “I go there all the time, and I only see two people working. That is unacceptable,” Franklin said. Senators present at today’s Committee hearing were Novelle E. Francis Jr., Marvin A. Blyden, Angel L. Bolques, Jr., Dwayne M. Degraff, Alma Francis Heyliger, Ray Fonseca, Hubert L. Frederick, Kenneth L. Gittens, Franklin D. Johnson, Carla J. Joseph, Clifford A. Joseph, Sr., Marise C. James, Avery L. Lewis, Milton E. Potter and Kurt A. Vialet. The Division of Public Affairs is committed to providing the community with accurate information on legislative proceedings and other events at the Legislature of the Virgin Islands. Visit legvi.org.               #### Find More Search for: Categories News Observances Press Releases Special Events Related Content COMMITTEE REVIEWS FY 2027 EXECUTIVE BUDGET REQUESTS FOR GOVERNOR’S OFFICE, LIEUTENANT GOVERNOR’S OFFICE, AND BUREAU OF MOTOR VEHICLES July 23, 2026 ST. CROIX, U.S. VIRGIN ISLANDS – Members of the Committee on Budget, Appropriations, and Finance, chaired by Senator Novelle E. Francis Jr., met in the Frits E. Lawaetz Conference Room to receive testimony on the proposed Fiscal Year 2027 budgets for... 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