VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY
VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY FY 2025 OPERATING BUDGET FY 2026 OPERATING BUDGET REQUEST Funding Sources FY 2025 Budget FY 2026 Budget Request Gross Receipt Taxes 5,000,000.00 5,000,000.00 General Fund 6,700,000.00 9,000,000.00 PFA Project Fund 4,615,000.00 3,800,000.00 Frederiksted Mall Rental Revenue 85,000.00 100,000.00 Federal Funds (ODR) 13,022,020.00 8,218,820.00 Funding Sources Total 29,422,020.00 26,118,820.00 FY 2025 Budget FY 2025 Expenditures as of 03/31/2025 Projected for 09/30/2025 Projected Variance 09/30/2025 FY 2026 Budget Request Dollar Amount Variance between FY 2025 and FY 2026 %Variance between FY 2025 and FY 2026 ADMINISTRATION Staff salaries and fringe benefits 2,848,284.00 1,192,434.00 2,384,868.00 463,416.00 3,558,553.00 710,269.00 25% Board of Directors Operating, travel misc. 60,000.00 24,682.00 49,364.00 10,636.00 60,000.00 0.00 0% Insurance, Board of Director's Liability 70,000.00 0.00 65,000.00 5,000.00 70,000.00 0.00 0% St. …
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VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY FY 2025 OPERATING BUDGET FY 2026 OPERATING BUDGET REQUEST Funding Sources FY 2025 Budget FY 2026 Budget Request Gross Receipt Taxes 5,000,000.00 5,000,000.00 General Fund 6,700,000.00 9,000,000.00 PFA Project Fund 4,615,000.00 3,800,000.00 Frederiksted Mall Rental Revenue 85,000.00 100,000.00 Federal Funds (ODR) 13,022,020.00 8,218,820.00 Funding Sources Total 29,422,020.00 26,118,820.00 FY 2025 Budget FY 2025 Expenditures as of 03/31/2025 Projected for 09/30/2025 Projected Variance 09/30/2025 FY 2026 Budget Request Dollar Amount Variance between FY 2025 and FY 2026 %Variance between FY 2025 and FY 2026 ADMINISTRATION Staff salaries and fringe benefits 2,848,284.00 1,192,434.00 2,384,868.00 463,416.00 3,558,553.00 710,269.00 25% Board of Directors Operating, travel misc. 60,000.00 24,682.00 49,364.00 10,636.00 60,000.00 0.00 0% Insurance, Board of Director's Liability 70,000.00 0.00 65,000.00 5,000.00 70,000.00 0.00 0% St. Thomas Office PFA IT Infrastructure and Website Maintenance 250,000.00 124,484.75 250,000.00 0.00 250,000.00 0.00 0% Utilities (electricity, water, security) 125,000.00 54,098.65 108,197.30 16,802.70 125,000.00 0.00 0% Communications, office supplies, postage, travel, misc. 350,000.00 125,265.86 325,000.00 25,000.00 350,000.00 0.00 0% Building Property Maintenance 250,000.00 51,063.55 200,000.00 50,000.00 250,000.00 0.00 0% Financial Team 10,000.00 0.00 0.00 10,000.00 10,000.00 0.00 0% Furnishings 25,000.00 0.00 0.00 25,000.00 25,000.00 0.00 0% Integrated Financial Management System 350,000.00 12,957.78 350,000.00 0.00 350,000.00 0.00 0% Staff Training 50,000.00 932.02 40,000.00 10,000.00 50,000.00 0.00 0% Community Donations 100,000.00 51,228.50 100,000.00 0.00 100,000.00 0.00 0% St. Croix Office Rental space 55,000.00 19,466.92 55,000.00 0.00 55,000.00 0.00 0% Utilities (elec., water, security, insurance, janitorial) 70,000.00 21,308.74 60,000.00 10,000.00 70,000.00 0.00 0% Communications, office supplies, postage, travel, misc. 40,000.00 33,767.19 40,000.00 0.00 40,000.00 0.00 0% PFA IT Infrastructure and Website Maintenance 150,000.00 0.00 125,000.00 25,000.00 100,000.00 -50,000.00 -33% STX Office Upgrades 250,000.00 0.00 250,000.00 0.00 200,000.00 -50,000.00 -20% ADMINISTRATION SUB TOTAL 5,053,284.00 1,711,689.96 4,402,429.30 650,854.70 5,663,553.00 610,269.00 12% PROFESSIONAL SERVICE AGREEMENTS Accounting and Auditing 600,000.00 420,732.45 600,000.00 0.00 600,000.00 0.00 0% Bond Counsel 100,000.00 81,152.73 100,000.00 0.00 100,000.00 0.00 0% Financial Advisors 400,000.00 166,742.92 333,485.84 66,514.16 400,000.00 0.00 0% Legal Services 6,061,716.00 4,683,057.52 6,250,000.00 -188,284.00 5,486,447.00 -575,269.00 -9% Bank Custody and Related Fees 100,000.00 41,147.50 82,295.00 17,705.00 100,000.00 0.00 0% Consultancy Services 1,200,000.00 716,452.26 1,200,000.00 0.00 1,200,000.00 0.00 0% Frederiksted Retail Mall 385,000.00 383,905.02 500,000.00 -115,000.00 350,000.00 -35,000.00 -9% PROFESSIONAL SERVICE AGREEMENTS SUB TOTAL 8,846,716.00 6,493,190.40 9,065,780.84 -219,064.84 8,236,447.00 -610,269.00 -7% TOTAL VIPFA - ADMINISTRATION & FINANCE 13,900,000.00 8,204,880.36 13,468,210.14 431,789.86 13,900,000.00 0.00 0% OFFICE OF DISASATER RECOVERY Staff Salaries and Fringe Benefits 13,390,000.00 3,399,881.62 10,199,644.86 3,190,355.14 9,800,000.00 -3,590,000.00 -27% Building and Maintenance 249,000.00 54,804.09 164,412.27 84,587.73 249,000.00 0.00 0% Equipment and Software 294,000.00 96,134.89 294,000.00 0.00 339,000.00 45,000.00 15% Legal 69,000.00 19,698.00 69,000.00 0.00 69,000.00 0.00 0% Communications, Website Maintenance 154,200.00 35,661.75 154,200.00 0.00 174,000.00 19,800.00 13% Miscellaneous 253,820.00 50,923.74 249,526.33 4,293.67 253,820.00 0.00 0% Rent & Utilities 642,000.00 80,262.63 401,313.15 240,686.85 864,000.00 222,000.00 35% Travel/Training 470,000.00 70,910.67 470,000.00 0.00 470,000.00 0.00 0% TOTAL VIPFA - OFFICE OF DISASTER RECOVERY 15,522,020.00 3,808,277.39 12,002,096.61 3,519,923.39 12,218,820.00 -3,303,200.00 -21% COMBINED VIPFA AND ODR BUDGET TOTALS 29,422,020.00 12,013,157.75 25,470,306.75 3,951,713.25 26,118,820.00 -3,303,200.00 -21%