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## Slide 1 REVENUE ESTIMATING CONFERENCE March 8, 2023 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 $ In Thousands 2021 2022 2023 2024 2025 Total Matching Fund Revenues (General Fund) 43,219 45,772 0 0 0 88,991 Community Facilities Trust Fund 1,197 1,198 1,197 1,197 1,196 5,985 Matching Fund Revenues (Other GVI Contributions) 12,600 18,500 0 0 0 31,100 Lonesome Dove (Senior Citizen fund then General Fund) 950 4,400 2,000 1,500 1,500 10,350 Limetree Bay Terminals d/b/a Ocean Point Terminals Payments (General Fund) 11,597 7,000 7,000 7,000 7,000 39,597 Limetree Bay Promissory Note (General Fund) 0 2,279 2,279 2,279 2,279 9,116 Limetree Bay Refinery Payments (General Fund) 2,263 5,205 0 0 0 7,468 Port Hamilton Refinery & Transportation 0 0 0 0 0 0 TOTAL 71,826 84,354 12,476 11,976 11,975 192,607 Matching Fund Revenues (General Fund) (Community Facilities Trust Fund) & (Other GVI Contributions): (FY 2024 & FY 2025 are estimates) Lonesome Dove: (FY2023, FY2024 & FY2025 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: (FY2023, FY2024 & FY2025 are estimates) 1. The Refinery is currently owned by Port Hamilton Reining and Transportation. 2. The USEPA entered into an agreement with PHRT to remove hazardous chemicals. 3. Limetree Bay Terminals is now d/b/a Ocean Point Terminals. Based upon its current operation, PFA believes Ocean Point Terminals will continue to make minimum payments under the agreement. 4. The Government contemplates a True-Up of the Terminals Variable Payments for FY 2022. 3 ## Slide 4 CAPITAL PROJECTS 4 $ In Thousands Reporting as of February 28, 2023 Agency Budget Expended Remaining Cost toComplete Authorized(Earliest Date) Start (Earliest Date) Completion (Latest Date) ReprogramAmounts BIT 1,050 701 349 349 10-Jun-05 31-Dec-18 31-Dec-2026 0 BOC 3,095 2,412 682 682 25-Nov-15 1-Jun-18 31-Dec-23 0 DHS 300 238 62 62 8-Feb-08 1-Apr-19 31-Aug-22 0 DOE 6,612 3,023 3,590 3,590 28-Oct-09 24-Oct-16 TBD 0 DOF 70 69 1 1 7-Jul-15 29-Feb-16 Completed 1 DOH 4,797 3,287 1,510 1,510 8-Nov-01 1-May-19 31-Jul-23 0 DPNR 5,239 3,064 2,175 2,175 28-Oct-09 15-Apr-19 30-Jun-23 1 DPP 3,155 2,892 263 0 7-Oct-16 7-Oct-16 Completed 263 DPW 89,760 52,756 37,004 37,004 28-Oct-09 9-Apr-18 TBD 0 DSPR 27,170 21,813 5,358 5,358 14-Dec-12 21-Jul-17 TBD 0 JFLH 8,000 7,234 766 766 8-Oct-14 1-Oct-14 30-Sep-23 0 LGO 150 95 55 55 1-Feb-17 15-Mar-19 31-Mar-23 0 OMB 500 293 207 207 28-Nov-15 30-Nov-16 30-May-23 0 SRMC 8,700 8,132 568 568 8-Oct-14 1-May-15 31-Dec-23 0 VICB 100 59 41 41 N/A N/A N/A 0 VIPA 500 0 500 500 11-Jul-14 1-Aug-19 TBD 0 VIPD 1,495 1,153 342 200 23-Mar-15 24-Apr-15 TBD 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 TBD 0 WAPA 323 310 13 13 28-Oct-09 1-Jun-19 TBD 0 Total 164,421 110,217 54,204 53,499 706 [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 2023 FY 2024 FY 2025 FY 2021 FY 2022 (Projections) (Projections) (Projections) Disaster Recovery Consultants* 3,319,633 4,880,271 2,000,000 2,250,000 2,250,000 Capital Projects* 183,174 448,756 300,000 320,000 340,000 ODR Admin Consultants* 126,600 245,145 185,000 195,000 205,000 PFA Admin Consultants 194,127 152,350 200,000 220,000 240,000 Total 3,823,534 5,726,522 2,685,000 2,985,000 3,035,000 * Gross Receipts Taxes collected by the PFA are for projects and services provided by other governmental entities who may also have reported these collections. 5 ## Slide 6 PFA DEBT SERVICEFY 2021 6 $ 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 [notes] CDL forgiveness yielded $6M in cash to the general fund that would have otherwise gone to debt service. ## Slide 7 PFA DEBT SERVICEFY 2022 7 $ 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 [notes] CDL payments resume in FY 2022. ## Slide 8 PFA DEBT SERVICEFY 2023 8 $ 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 [notes] CDL payments resume in FY 2022. ## Slide 9 PFA DEBT SERVICEFY 2024 9 $ 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) 0 0 0 Grand Total 41,919 28,881 70,800 ## Slide 10 PFA DEBT SERVICEFY 2025 10 $ In Thousands (Fiscal Year 2025) Principal Interest Total GRT (General Obligations) 38,560 23,457 62,017 Tax Incremental Financing (Island Crossings) 650 565 1,215 GARVEE (Paid from Federal Highway Grant Revenues) 4,880 2,691 7,571 Total PFA 44,090 26,714 70,803 Guarantees (WICO) 0 0 0 Grand Total 44,090 26,714 70,803 ## Slide 11 QUESTIONS? Virgin Islands Public Finance Authority www.usvipfa.com Nathan Simmonds Director of Finance and Administration (340) 714-1635 nsimmonds@usvipfa.com 11 Contact Information