USVI Public Records

Document text

REVENUE ESTIMATING CONFERENCE March 25, 2022 Virgin Islands Public Finance Authority 1 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 financings. 2 PFA RELATED REVENUE INFLOWS 3 $ In Thousands FY2020 FY2021 FY2022 FY2023 FY2024 Total Matching Fund Revenues (General Fund) 31,682 43,219 45,772 2,183 13,356 136,212 Community Facilities Trust Fund 1,198 1,197 1,198 1,198 1,198 5,989 Matching Fund Revenues (Other GVI Contributions) 21,600 12,600 18,500 0 0 52,700 Lonesome Dove (Senior Citizen fund then General Fund)) 600 950 2,200 1,000 1,000 5,750 Limetree Bay Terminals Payments (General Fund) 11,217 7,866 7,000 7,000 7,00o 40,083 Limetree Bay Promissory Note (General Fund) 0 2,279 2,279 2,279 2,279 9,116 Limetree Bay Refinery Payments (General Fund) 0 2,263 0 0 0 2,263 TOTAL 66,297 70,374 76,949 13,660 24,833 252,113 Matching Fund Revenues (General Fund) (Community Facilities Trust Fund) & (Other GVI Contributions): (FY2023 & FY2024 are estimates) Lonesome Dove: (FY2022, FY2023 & FY2024 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). Limetree Bay: (FY2022, FY2023 & FY2024 are estimates) 1. On July 2, 2021, Limetree Bay Refining advised the Government that the refinery did not intend to make the quarterly refinery variable payment which was due on June 30, 2021, due to the financial condition of the refinery along with their decision to suspend refinery restart. On July 12, 2021, Limetree Bay Refinery filed for Chapter 11 Bankruptcy protection. 2. The Refinery as now been sold to West Indies Petroleum and Port Hamilton Refining & Transportation. They are presently in discussion with the Government regarding the assumption of the Limetree Bay Agreement. 3. We anticipate that Limetree Bay Terminal will make the minimum payment due under their agreement. 4. The Government contemplates a True-up of the Terminal Variable Payments for FY 2021. CAPITAL PROJECTS 4 $ In Thousands Reporting as of March 18, 2022 Agency Budget Expended Remaining Cost to Complete Authorized (Earliest Date) Start (Earliest Date) Completion (Latest Date) Reprogram Amounts BIT 2,050 1,489 561 561 10-Jun-05 31-Dec-18 31-Mar-22 0 BOC 3,095 2,349 746 746 25-Nov-15 1-Jun-18 30-Sep-22 0 DHS 300 238 62 62 8-Feb-08 1-Apr-19 31-Aug-22 0 DOE 6,804 2,750 4,055 4,055 28-Oct-09 24-Oct-16 31-Dec-22 0 DOF 70 69 1 1 7-Jul-15 29-Feb-16 Completed 0 DOH 4,797 3,148 1,649 1,649 8-Nov-01 1-May-19 1-Dec-22 0 DOJ 245 233 12 12 7-Jul-15 29-Feb-16 30-Jun-22 0 DPNR 5,364 3,130 2,235 2,235 28-Oct-09 15-Apr-19 31-Dec-22 0 DPP 3,155 2,892 263 263 7-Oct-16 7-Oct-16 31-Dec-22 0 DPW 129,760 81,657 48,104 48,104 28-Oct-09 9-Apr-18 30-Sep-24 76 DSPR 27,846 20,275 7,571 7,571 14-Dec-12 21-Jul-17 30-Sep-26 0 JFLH 8,000 6,717 1,283 1,283 8-Oct-14 1-Oct-14 30-Sep-22 0 LGO 150 0 150 150 1-Feb-17 15-Mar-19 31-Dec-22 0 OMB 500 202 298 298 28-Nov-15 30-Nov-16 30-Apr-22 0 SRMC 9,000 6,930 2,070 2,070 8-Oct-14 1-May-15 31-Dec-22 0 VIPA 500 0 500 500 11-Jul-14 1-Aug-19 1-Mar-23 0 VIPD 1,495 1,153 342 200 23-Mar-15 24-Apr-15 Pending 142 VIPFA 300 0 300 0 19-May-21 N/A N/A 300 VIWMA 3,104 2,686 418 418 15-Sep-19 14-Nov-19 30-Sep-22 0 WAPA 323 310 13 13 28-Oct-09 1-Jun-19 31-Dec-22 0 Total 206,859 136,228 70,631 70,189 518 PFA DEBT SERVICE FY 2021 5 $ In Thousands (Fiscal Year 2021) Principal Interest Total GRT (General Obligations) 32,743 30,107 62,850 GRT (Community Disaster Loans) 0 0 0 Matching Fund (Revenue Obligation) 48,165 36,747 84,912 Tax Incremental Financing (Island Crossings) 492 792 1,284 GARVEE (Paid from Federal Highway Grant Revenues) 4,015 3,557 7,572 Total PFA 85,415 71,204 156,619 Guarantees (WICO) 945 2,068 3,013 Grand Total 86,360 73,272 159,632 PFA DEBT SERVICE FY 2022 6 $ In Thousands (Fiscal Year 2022) Principal Interest Total GRT (General Obligations) 30,273 28,595 58,868 Matching Fund (Revenue Obligation) 51,025 34,283 85,308 Tax Incremental Financing (Island Crossings) 528 757 1,284 GARVEE (Paid from Federal Highway Grant Revenues) 4,220 3,356 7,576 Total PFA 86,046 66,991 153,036 Guarantees (WICO) 41,688 1,983 43 ,671 Grand Total 127,734 68,974 196,708 PFA DEBT SERVICE FY 2023 7 $ In Thousands (Fiscal Year 2023) Principal Interest Total GRT (General Obligations) 31,630 27,056 58,686 Tax Incremental Financing (Island Crossings) 566 649 1,215 GARVEE (Paid from Federal Highway Grant Revenues) 4,430 3,145 7,575 Total PFA 36,626 30,850 67,476 Guarantees (WICO) 0 0 0 Grand Total 36,626 30,850 67,476 PFA DEBT SERVICE FY 2024 8 $ In Thousands (Fiscal Year 2024) Principal Interest Total GRT (General Obligations) 36,665 25,347 62,012 Tax Incremental Financing (Island Crossings) 604 610 1,215 GARVEE (Paid from Federal Highway Grant Revenues) 4,650 2,924 7,574 Total PFA 41,919 28,881 70,800 Guarantees (WICO) (Estimate) 900 2,300 3,200 Grand Total 42,819 31,181 74,000 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