USVI Public Records

Document text

## Slide 2 FY2024 – FY 2025 SPRING REVENUE ESTIMATINGCONFERENCE ## Slide 3 REVENUE ESTIMATE SNAPSHOT Agency Name REVENUE BREAKDOWN Revenue Category Project Count (If Applicable) Est. Revenue Fiscal Year Business & Commercial Property Leases $3,775,853.80 2024 Business & Commercial Property Leases $3,964,646.49 2025 FY24 and FY25 Total Estimated Revenue Revenue Summary Revised FY24: $3,775,853.80 Collection Unit creation w/in Division of Fiscal & Personnel Services providing the acquisition of additional staffing. Enforce the 10% late fee penalty assessed to late payments of rentals. FY25: $3,964,646.49 Receipt of new leases ## Slide 4 DPP – CONTINUING REVENUE GENERATION ## Slide 5 Add a footer 5 DPP – Business & Commercial Revolving Fund Month FY 2023 Actual Collection FY 2024 Forecasted Collection FY 2024 Actual Collection FY24 Variance $ FY24 Variance % FY 2025 Forecast Allocations Fund Type Revenue Category October $ 208,798.27 $ 279,238.18 $ 303,708.06 24,470 9% $ 293,200.09 Business & Commercial Revolving Fund Lease Rentals November $ 252,709.98 $ 265,345.48 $ 269,862.24 4,517 2% $ 278,612.75 Business & Commercial Revolving Fund Lease Rentals December $ 292,076.15 $ 306,679.96 $ 228,042.52 -78,637 -26% $ 322,013.96 Business & Commercial Revolving Fund Lease Rentals January $ 310,436.51 $ 325,958.34 $ 454,752.36 128,794 39% $ 342,256.25 Business & Commercial Revolving Fund Lease Rentals February $ 404,720.09 $ 424,956.09 $ 273,309.78 -151,646 -35% $ 446,203.90 Business & Commercial Revolving Fund Lease Rentals March $ 318,121.99 $ 334,028.09 $ 261,759.38 -72,269 -21% $ 350,729.49 Business & Commercial Revolving Fund Lease Rentals April $ 233,557.41 $ 245,235.28 $ 230,569.00 -14,666 -6% $ 257,497.04 Business & Commercial Revolving Fund Lease Rentals May $ 309,326.60 $ 324,792.93 -324,793 0% $ 341,032.58 Business & Commercial Revolving Fund Lease Rentals June $ 319,214.44 $ 335,175.16 -335,175 0% $ 351,933.92 Business & Commercial Revolving Fund Lease Rentals July $ 316,238.26 $ 332,050.17 -332,050 0% $ 348,652.68 Business & Commercial Revolving Fund Lease Rentals August $ 287,107.58 $ 301,462.96 -301,463 0% $ 316,536.11 Business & Commercial Revolving Fund Lease Rentals September $ 343,743.96 $ 300,931.16 -300,931 0% $ 315,977.72 Business & Commercial Revolving Fund Lease Rentals Total YTD $ 3,596,051.24 $ 3,775,853.80 $ 2,022,003.34 $ 3,964,646.49 ## Slide 6 PERFORMANCE OUTLINE: ## Slide 7 BUSINESS & COMMERCIAL COLLECTIONS FUND DESCRIPTION FY 2023 Actuals FY 2024 % Increase FY 2024 Estimated Amount FY 2024 % Increase FY 2024 Projection Amount 6028/425000 Business & Commercial Lease Properties $3,596,051.24 5% $3,775,853.80 5% $3,964,646.49 TOTALS…………… ……………………………………… $3,596,051.24 $3,775,853.80 $3,964,646.49 ## Slide 8 8 FY 2024 Collection Challenges In FY 2023, although we faced challenges, including limited staff, DPP collected $3,596,051.80 for property leases. This amount represents a 15% increase from our FY 2022 collections, which amounted to $3,049,957.30. Enhancing collections requires a multifaceted approach that involves assessing the effectiveness of collections strategies and identifying areas for improvement. DPP aims to continue improving and enhancing collections by focusing on the department's primary goals and objectives for FY 2024 and FY 2025: Establishment of a Revenue Collection Unit in the Department (A MUST) Acquisition of professional and qualified staff (based on budget approval) Acquisition of new software for GVI’s Leases Funding to address trainings and upgrades Continue to establish promise payment agreement where and when necessary. By implementing these strategies, DPP can optimize their collections processes, improve recovery rates, and foster positive customer relationships. Regular evaluation and adaptation to changing market conditions will be crucial for sustained success in collections management.