Bill No. 35-0293 - 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
FLOOR 06/24/2024 – SPECIAL ORDERED TO THE FLOOR BILL NO. 35-0293 Thirty-Fifth Legislature of the Virgin Islands June 24, 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 PROPOSED BY: Senators: Donna A. Frett-Gregory, Marvin A. Blyden, Javan E. James, Sr., and Alma Francis Heyliger Co-sponsors: Diane T. Capehart, Dwayne M. DeGraff, Ray Fonseca, Novelle E. Francis, Jr., Kenneth L. Gittens, Marise C. James, Franklin D. Johnson, and Carla J. …
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FLOOR 06/24/2024 – SPECIAL ORDERED TO THE FLOOR BILL NO. 35-0293 Thirty-Fifth Legislature of the Virgin Islands June 24, 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 PROPOSED BY: Senators: Donna A. Frett-Gregory, Marvin A. Blyden, Javan E. James, Sr., and Alma Francis Heyliger Co-sponsors: Diane T. Capehart, Dwayne M. DeGraff, Ray Fonseca, Novelle E. Francis, Jr., Kenneth L. Gittens, Marise C. James, Franklin D. Johnson, and Carla J. Joseph WHEREAS, on May 7, 2024, the Government of the Virgin Islands held the annual 1 spring revenue estimating conference; 2 WHEREAS, pursuant to title 2 Virgin Islands Code, chapter 2, section 22, paragraph (5), 3 the Government of the Virgin Islands Office of Management and Budget presented its findings 4 from the estimating conference to the Legislature of the Virgin Islands; 5 WHEREAS, the Office of Management and Budget reported that revenue collections are 6 lower than projections; 7 WHEREAS, the Office of Management and Budget further reported that fiscal year 2024 8 revenue collections will be approximately $90.9 million below the appropriation amount of 9 $998,002,428; 10 WHEREAS, based on testimony, collection, and expense reports, the current fiscal 11 year revenues and expenditures do not align with the appropriation levels approved by the 12 Legislature; and 13 2 WHEREAS, to address and mitigate against the continued structural deficit,, the 1 Government of the Virgin Islands needs to reduce its budget; Now, Therefore, 2 Be it enacted by the Legislature of the Virgin Islands: 3 SECTION 1. The Government of the Virgin Islands shall submit a Fiscal Year 2024 4 Budget Reduction Plan to the Legislature of the Virgin Islands setting forth revised revenue 5 projections and expenditures thatequals projected revenue collection. The Reduction Plan may 6 not include the termination, separation, or reduction of hours for any current full, part-time, 7 temporary, or contractual employee of the Government of the Virgin Islands and must be 8 submitted to the Legislature not later than August 1, 2024. 9 BILL SUMMARY 10 This bill requires the Government of the Virgin Islands to present a Fiscal Year 2024 11 Budget Reduction Plan to the Legislature not later than August 1, 2024, addressing the $90.9 12 million shortfall in revenue projections. 13 BR24-1173/June 21, 2024/KEH/Revised June 24, 2024/KEH 14