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2022 Spring Revenue Estimating Conference D e p a rtm e n t o f F in a n c e - F in a n c ia l S ta tu s M a rc h 2 5 , 2 0 2 2 B o s e d e A . B ru c e , C o m m is s io n e r Financial Systems One of the most important aspects of revenue generating is having the systems in place to collect the revenue. The Department of Finance is committed to ensuring our systems are upgraded to accommodate the revenue generating agencies. We are in the process of exploring numerous initiatives that will help in revenue collections and reporting. o Transitioning to electronic disbursements o Central payment system o Government Insurance Fund (GIF) -converting to an electronic system o e-Procurement system is on the way Disaster Recovery Disaster recovery and Covid-19 related funds are the major items currently strengthening the GVI’s economy. We currently have about 1 day of cash on hand as of 3/18/2022. The most recent forecasts show a downward trend as month end cashflow analysis continue to show negative results. …
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2022 Spring Revenue Estimating Conference D e p a rtm e n t o f F in a n c e - F in a n c ia l S ta tu s M a rc h 2 5 , 2 0 2 2 B o s e d e A . B ru c e , C o m m is s io n e r Financial Systems One of the most important aspects of revenue generating is having the systems in place to collect the revenue. The Department of Finance is committed to ensuring our systems are upgraded to accommodate the revenue generating agencies. We are in the process of exploring numerous initiatives that will help in revenue collections and reporting. o Transitioning to electronic disbursements o Central payment system o Government Insurance Fund (GIF) -converting to an electronic system o e-Procurement system is on the way Disaster Recovery Disaster recovery and Covid-19 related funds are the major items currently strengthening the GVI’s economy. We currently have about 1 day of cash on hand as of 3/18/2022. The most recent forecasts show a downward trend as month end cashflow analysis continue to show negative results. Financial Audit Audited financial statements provide the best information to estimate revenue and create forecasts. We will begin the FY2020 by September and hope to complete both it and the FY 2021 audits by the end of FY2022. We monitor that federal draws are performed timely as these funds reimburse the General Fund prior to federal grant’s expiration. This has been a challenge. Obtaining supporting documentation is crucial to the audit process yet it continues to be a challenge Component units must provide timely financials We Need You!! Please draw down funds Please post your funds to the ERP Please respond to requests for information. Please upload proper required documentation for payment disbursement Reach out to DOF if you need assistance with any federal activities. Current Accounts Payable $18,636,157.19 - 2,000,000.00 4,000,000.00 6,000,000.00 8,000,000.00 10,000,000.00 12,000,000.00 14,000,000.00 16,000,000.00 Current Year 30-60 Days 60-90 Days 90 & Over Held Items Aged Invoice for the Government of the Virgin Islands Percentage of Timely Payments (2022 1st Quarter) Average # of Invoices That Met Target Average # of Invoices That Did Not Meet Target Total Average # of Invoices Met Target for 2022 (1st Quarter) 5,162 350 5,512 93.66% Questions