REVENUE ESTIMATING CONFERENCE
## Slide 1 REVENUE ESTIMATING CONFERENCE April 30, 2024 Virgin Islands Public Finance Authority 1 ## Slide 2 OBJECTIVE Provide a summary of PFA related revenue inflows to the Government of the Virgin Islands. Provide a summary of the capital projects, by agency, financed with PFA bond proceeds. Provide a summary of debt service on PFA bond financing. 2 ## Slide 3 PFA RELATED REVENUE INFLOWS 3 $ In Thousands 2022 2023 2024 2025 2026 Total Matching Fund Revenues (General Fund) 45,772 0 0 0 0 45,772 Community Facilities Trust Fund 1,198 1,197 1,197 1,196 1,115 5,903 Matching Fund Revenues (Other GVI Contributions) 18,500 0 0 0 0 18,500 Lonesome Dove (Senior Citizen fund then General Fund) 4,400 1,600 1,500 1,500 1,500 10,500 Limetree Bay Terminals Payments (General Fund) 6,463 0 0 0 0 6,463 Limetree Bay Promissory Note (General Fund) 2,279 0 0 0 0 2,279 Ocean Point Terminals Payments 0 8,144 7,000 7,000 7,000 29,144 Ocean Point Promissory Note 0 2,279 2,279 2,279 2,279 9,116 Port Hamilton Refinery & Transportation 0 0 0 0 0 0 TOTAL 78,612 13,220 11,976 11,975 11,894 127,677 Community Fa …
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## Slide 1 REVENUE ESTIMATING CONFERENCE April 30, 2024 Virgin Islands Public Finance Authority 1 ## Slide 2 OBJECTIVE Provide a summary of PFA related revenue inflows to the Government of the Virgin Islands. Provide a summary of the capital projects, by agency, financed with PFA bond proceeds. Provide a summary of debt service on PFA bond financing. 2 ## Slide 3 PFA RELATED REVENUE INFLOWS 3 $ In Thousands 2022 2023 2024 2025 2026 Total Matching Fund Revenues (General Fund) 45,772 0 0 0 0 45,772 Community Facilities Trust Fund 1,198 1,197 1,197 1,196 1,115 5,903 Matching Fund Revenues (Other GVI Contributions) 18,500 0 0 0 0 18,500 Lonesome Dove (Senior Citizen fund then General Fund) 4,400 1,600 1,500 1,500 1,500 10,500 Limetree Bay Terminals Payments (General Fund) 6,463 0 0 0 0 6,463 Limetree Bay Promissory Note (General Fund) 2,279 0 0 0 0 2,279 Ocean Point Terminals Payments 0 8,144 7,000 7,000 7,000 29,144 Ocean Point Promissory Note 0 2,279 2,279 2,279 2,279 9,116 Port Hamilton Refinery & Transportation 0 0 0 0 0 0 TOTAL 78,612 13,220 11,976 11,975 11,894 127,677 Community Facilities Trust Fund: (FY2024, FY2025 & FY2026 are estimates) Lonesome Dove: (FY2024, FY2025 & FY2026 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 Virgin Islands Bureau of Internal Revenue (VIBIR) to satisfy certain tax obligations due to the Government of the United States Virgin Islands (GVI). Refinery: (FY2024, FY2025 & FY2026 are estimates) 1. Port Hamilton Refinery and Transportation has not submitted plans for refinery restart. 2. Limetree Bay Terminals is now d/b/a Ocean Point Terminals. Based on its current operations, PFA believes Ocean Point Terminals will continue to make minimum payments under the agreement. 3. The FY 2022 True-Up of the Variable Terminal Payments was made in May 2023 for $1,692 million, and an additional $1,202 million in disputed deductions. ## Slide 4 CAPITAL PROJECTS 4 $ In Thousands as of March 31, 2024 Agency Budget Expended Remaining Cost to Complete Authorized (Earliest Date) Start (Earliest Date) Reprogram Amounts BIT 1,050 701 349 349 10-Jun-05 31-Dec-18 0 BOC 3,095 2,724 371 371 25-Nov-15 1-Jun-18 0 DHS 300 238 62 62 8-Feb-08 1-Apr-19 0 DOE 3,418 1,341 2,077 2,077 28-Oct-09 24-Oct-16 0 DOF 70 69 1 1 7-Jul-15 29-Feb-16 1 DOH 4,298 2,932 1,366 1,366 8-Nov-01 1-May-19 0 DPNR 5,239 3,338 1,902 1,901 28-Oct-09 15-Apr-19 1 DPP 3,155 2,892 263 0 7-Oct-16 7-Oct-16 263 DPW 111,080 74,946 36,134 36,134 28-Oct-09 9-Apr-18 0 DSPR 38,752 23,899 14,854 14,854 14-Dec-12 21-Jul-17 0 JFLH 8,000 7,628 372 372 8-Oct-14 1-Oct-14 0 OOG 323 323 0 0 26-Apr-17 20-Nov-17 0 VIPA 17,500 0 17,500 17,500 11-Jul-14 1-Aug-19 0 VIPD 1,222 900 322 200 23-Mar-15 24-Apr-15 142 VIPFA 800 8 792 492 19-May-21 14-Jul-23 300 VIWMA 3,104 2,686 418 418 15-Sep-19 14-Nov-19 0 WAPA 323 310 13 13 28-Oct-09 1-Jun-19 0 Total 201,729 124,934 76,795 76,110 707 [notes] $177 million budget; $58.8 million remains available, down from $89.3 million a year ago. $30.5 million spent in FY 2020. Projects are ongoing with approximately $50.3 million projected to be completed in FY 2021, generating approximately $2.5 million in GRT. ## Slide 5 Gross Receipts Tax Collection FY 2024 FY 2025 FY 2026 FY 2022 FY 2023 (Projections) (Projections) (Projections) Disaster Recovery Consultants 4,880,271 2,080,203 2,250,000 2,250,000 2,250,000 Capital Projects 448,756 232,548 300,000 350,000 350,000 PFA Admin Consultants 152,350 197,502 220,000 220,000 240,000 ODR Admin Consultants 245,145 258,850 250,000 250,000 250,000 LOC Consultants 185,804 700,000 500,000 500,000 Total 5,726,522 2,954,908 3,720,000 3,570,000 3,590,000 5 ## Slide 6 PFA DEBT SERVICE FY 2024 6 $ In Thousands (Fiscal Year 2024) Principal Interest Total GRT (General Obligations) 36,665 25,347 62,012 Tax Incremental Financing (Island Crossings) 604 680 1,284 GARVEE (Paid from Federal Highway Grant Revenues) 4,650 2,924 7,574 Total PFA 41,919 28,951 70,870 Guarantees (WICO) 0 0 0 Grand Total 41,919 28,951 70,870 ## Slide 7 PFA DEBT SERVICE FY 2025 7 $ In Thousands (Fiscal Year 2025) Principal Interest Total GRT (General Obligations) 38,560 23,457 62,017 Tax Incremental Financing (Island Crossings) 650 634 1,284 GARVEE (Paid from Federal Highway Grant Revenues) 4,880 2,691 7,571 Total PFA 44,090 26,783 70,873 Guarantees (WICO) 0 0 0 Grand Total 44,090 26,783 70,873 ## Slide 8 PFA DEBT SERVICE FY 2026 8 $ In Thousands (Fiscal Year 2026) Principal Interest Total GRT (General Obligations) 39,375 21,499 60,874 Tax Incremental Financing (Island Crossings) 697 588 1,284 GARVEE (Paid from Federal Highway Grant Revenues) 5,125 2,447 7,572 Total PFA 45,197 24,534 69,731 Guarantees (WICO) 0 0 0 Grand Total 45,197 24,534 69,731 ## Slide 9 QUESTIONS? Virgin Islands Public Finance Authority www.usvipfa.com Nathan Simmonds Director of Finance and Administration (340) 714-1635 nsimmonds@usvipfa.com 9 Contact Information