REVENUE SUMMARY BY CATEGORY — 2024
GOVERNMENT OF THE U.S. VIRGIN ISLANDS FORECAST OF ANTICIPATED REVENUES [2 V.I.C. Ch 2 Sec. 20d] Category LEGVI FY 24 Projections REVISED OMB FY 2024 PROJECTIONS OMB Revised FY25 Projections OMB Revised as of 8.27.24 FY 2025 LEGVI Projection REVENUE SUMMARY BY CATEGORY Income Taxes 495,134,847 481,274,481 542,371,823 542,371,823 484,297,518 Other Taxes 341,184,787 337,066,668 363,076,177 361,348,095 361,808,223 Other Revenues 45,418,974 87,557,672 86,393,846 86,449,744 42,085,844 Transfers In 32,400,000 32,400,000 29,400,000 29,400,000 47,853,250 Transfers Out 84,258,400 11,137,000 132,694,431 130,776,083 75,510,949 Other Financing Sources 61,213,552 77,108,952 61,213,552 36,563,225 73,302,152 Total Gross Revenues * 926,738,608 925,898,821 1,052,105,382 1,050,433,198 923,191,585 Total Net Revenues 891,093,760 1,004,270,773 949,760,967 925,356,804 933,836,038 *Does not include Refunds, Transfers In, Transfers Out, Revenues General Fund Revenue Detail Income Taxes Individual Income 458,833,443 422,687,000 502,387,131 502,387,131 422,947,268 Corporate Income 81,301,404 78,587,481 100,248 …
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GOVERNMENT OF THE U.S. VIRGIN ISLANDS FORECAST OF ANTICIPATED REVENUES [2 V.I.C. Ch 2 Sec. 20d] Category LEGVI FY 24 Projections REVISED OMB FY 2024 PROJECTIONS OMB Revised FY25 Projections OMB Revised as of 8.27.24 FY 2025 LEGVI Projection REVENUE SUMMARY BY CATEGORY Income Taxes 495,134,847 481,274,481 542,371,823 542,371,823 484,297,518 Other Taxes 341,184,787 337,066,668 363,076,177 361,348,095 361,808,223 Other Revenues 45,418,974 87,557,672 86,393,846 86,449,744 42,085,844 Transfers In 32,400,000 32,400,000 29,400,000 29,400,000 47,853,250 Transfers Out 84,258,400 11,137,000 132,694,431 130,776,083 75,510,949 Other Financing Sources 61,213,552 77,108,952 61,213,552 36,563,225 73,302,152 Total Gross Revenues * 926,738,608 925,898,821 1,052,105,382 1,050,433,198 923,191,585 Total Net Revenues 891,093,760 1,004,270,773 949,760,967 925,356,804 933,836,038 *Does not include Refunds, Transfers In, Transfers Out, Revenues General Fund Revenue Detail Income Taxes Individual Income 458,833,443 422,687,000 502,387,131 502,387,131 422,947,268 Corporate Income 81,301,404 78,587,481 100,248,228 100,248,228 96,350,250 Refunds 45,000,000 20,000,000 60,263,536 60,263,536 35,000,000 Total Income Taxes 495,134,847 481,274,481 542,371,823 542,371,823 484,297,518 Other Taxes Real Property 61,000,000 61,000,000 60,300,000 64,000,000 61,000,000 Payment in lieu of Taxes (PILOT from WICO) 500,000 Trade & Excise 42,048,845 38,513,338 44,382,037 44,382,037 44,000,000 Gross Receipts 214,058,426 221,172,102 234,368,595 232,230,707 232,230,707 Inheritance Tax 0 FSC Franchise 0 Corporate Franchise 5,582,500 4,599,502 4,100,000 809,806 5,582,500 Stamp Tax 18,495,016 11,781,726 19,925,545 19,925,545 18,495,016 Total Other Taxes 341,184,787 337,066,668 363,076,177 361,348,095 361,808,223 Other Revenues Malpractice Insurance 5,356 5,356 0 0 0 Licenses 4,756,334 5,633,100 5,016,000 5,016,000 5,016,000 Fees & Permits 8,603,382 8,603,382 8,710,259 8,710,259 8,710,259 Lime Tree (Refinery) $ - Concession Fee (LIME TREE-Terminal) 11,000,000 11,000,000 12,000,000 12,000,000 12,000,000 Franchise Fees 804,625 785,053 798,967 809,087 809,087 Hotel ROOM TAX 21,000,000 22,509,971 22,509,971 NON HOTEL ROOM TAX 20,000,000 21,257,835 21,257,835 U.S. Custom Duties 3,366,000 3,647,504 4,182,682 4,182,682 4,182,682 All Other 14,639,277 14,639,277 9,629,252 9,629,252 9,276,412 Miscellaneous Service Charge 2,244,000 2,244,000 2,288,880 2,334,658 2,091,404 Cannabis Tax Total Other Revenues 45,418,974 87,557,672 86,393,846 86,449,744 42,085,844 Transfers In Caribbean Basin Initiative - CBI 8,500,000 8,500,000 8,500,000 8,500,000 6,000,000 V.I Lottery (not less than 20% of net revenues) 900,000 900,000 900,000 900,000 950,000 Internal Revenue Matching Fund - IRM - 0 Interest on Debt Service Reserves 0 Transportation Trust Fund - TTF 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 Union Arbitration Fund 0 CBI Contribution 0 School Construction Maintenance Fund 1,663,750 Earned Income Tax Credit 10,000,000 10,000,000 7,000,000 7,000,000 7,000,000 Health Revolving Fund 1,700,000 Recorder of Deeds Revol. Fund 200,000 JP Morgan Settlement Agreement (Non Profits) 5,339,500 Insurance Guaranty Fund 8,000,000 8,000,000 8,000,000 8,000,000 20,000,000 Total Transfers In 32,400,000 32,400,000 29,400,000 29,400,000 47,853,250 Transfers Out Wapa - Streetlight (4% of Property Tax) -2,440,000 2,440,000.00 -$ -2,412,000 -2,560,000 -2,440,000 District Public Road Fund (2% of Property Tax) -200,000 -1,220,000 Sewage System Fund -250,000 -1,000,000 Anti-Litter & Beautification Fund -4,480,000 6,300,000.00 -$ -6,225,000 -6,225,000 0 St. Thomas Capital Improvement -$ 300,000.00 Moderate Income Housing Fund -250,000 -300,000 -250,000 0 St. John Capital Improvement -1,500,000 -1,500,000 -1,500,000 0 Tax Assessor Revolving -647,000 -603,000 -640,000 0 Stamp Tax- To HFA (50% of stamp tax collections) -3,354,748 -5,977,664 -5,977,664 -9,247,508 Corporate Division Revolving Fund (10% of Corporate Franchise) -586,165 -586,165 -586,165 -586,165 Recorder of Deeds Revol. Fund -200,000 -200,000 -200,000 0 Debt Service -70,800,487 -70,872,796 -67,569,448 -62,017,276 8% Payback - - - 0 Retroactive Pay - - - 0 Crisis Intervention $ - $ - $ - Tourism Revolving Allocation -$ 43,767,806.00 -$ 43,767,806.00 0 Moderate Income Housing Fund -$ 250,000.00 St. John Capital Improvement -$ 1,500,000.00 Tax Assessor Revolving -$ 647,000.00 Transportation Trust Fund - TTF Retroactive Pay Crisis Intervention Total Transfers Out 84,258,400 11,137,000 132,694,431 130,776,083 75,510,949 Revenues from Anticipated Projects Individual Income 26,000,000 26,000,000 13,500,000 13,500,000 Gross Receipts 35,213,552 35,213,552 22,063,225 20,524,261 Total 61,213,552 61,213,552 35,563,225 34,024,261 Other Financing Sources Community Disaster Loan Proceeds 0 Community Facilities Trust 0 Diageo True-up 0 Federal Reimbursement DOE Payroll 0 IGF Contribution 0 LEPC Reimbursement to GF 0 ARPA & Other Revenue 69,100,000 74,600,000 $ 1,000,000.00 $ 1,000,000.00 $ 27,427,891 Child Tax Credit 2,508,952 $ - GVI 2021 ECONOMIC STIMULUS $ 7,500,000.00 $ - $ - Vehicle Rental Surcharge Increase ($1.25 of $5 to GF) $ 850,000 Financial Transactions Reporting Act of 2024 (Money Transfers) $ 11,000,000 Total Other Financing Sources 69,100,000 77,108,952 $ 8,500,000 $ 1,000,000 39,277,891 Total Net Revenue 960,193,760 1,004,270,773 958,260,967 925,356,804 933,836,038