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ea —— —T. = te, iw a bP tale ms j ie ¢ ere BEC INIISTS NDS CASINO CONTROL RC SOM BON FY 2024 CASINO CONTROL REVOLVING FUND ANNUAL REPORT January 31, 2025 CASINO CONTROL REVOLVING FUND ANNU, LETTER TO THE SENATE PRESIDENT January 31, 2025 Honorable Milton E. Potter President 36" Legislature of the U.S. Virgin Islands Capitol Building, Charlotte Amalie St. Thomas. VI 00802 Dear Senate President Potter: The Virgin Islands Casino Control Commission (“the Commission”) is pleased to submit the Casino Control Revolving Fund Annual Report for the Fiscal Year Ended September 30, 2024. This report is mandated by V. 1. Code Ann. tit. 32. § 514(e), which states. in part. “[aJn annual financial report of the fiscal year’s expenditures from the special checking account shall be compiled by the Casino Control Commission and submitted to the Legislature and the Department of Finance by the 30" day of the month following the end of the fiscal year.” The enclosed report not only includes the expenditures from the special checking account, but also the deposits thereto. The Commission's records indicate that this submission is the third for the Commission, and the current Commissioners and staff are enormously proud of this major accomplishment. Pursuant to 32 VIC § 514(c), eighty percent of the funds deposited in the special checking account must be allocated to the Casino Control Commission, and twenty percent to the Division of Gaming Enforcement (“DGE”). You will note that the report is separated accordingly. The first tab reflects the deposits and expenditures of the Commission, and the second tab reflects the deposits and expenditures for the DGE. In addition to the summary statements of the special checking account, the report also contains the details of the receipis and expenditures, the bank account reconciliations, and copies of the First Bank statements for September 30, 2024. It must be noted that 32 VIC § 514(e) also mandates that the Commission submit quarterly reports to the Department of Finance. [In the Audit of the Administrative Functions of the Virgin Islands Casino Control Commission dated September 4, 2018 (Report No. AR-10-39-18), the Virgin Islands Inspector General found that the Commission did not submit the required quarterly reports to the Department of Finance on a timely basis and, at page 13, specifically recommended that the Commission “submit to Finance and the Legislature the required quarterly and annual reports in a timely manner.” We are happy to report that the Commission, beginning with FY 2022, is now in full compliance with the statutory mandates pertaining to the quarterly and annual reports, and expects to maintain such compliance on an ongoing basis. Carolyn P. Hermon-Percell, Commissioner Vice Chair incerely, Luther F. Reifee, C Secretary/Treasurer CASINO CONTROL REVOLVING FUND ANNULAI LETTER TO THE COMMISSIONER OF FIN January 31, 2025 Honorable Kevin McCurdy Commissioner Virgin Islands Department of Finance 2314 Kronprindsens Gade Charlotte Amalie St. Thomas, VI 00802 Dear Commissioner McCurdy: The Virgin Islands Casino Control Commission (“the Commission”) is pleased to submit the Casino Control Revolving Fund Annual Report for the Fiscal Year Ended September 30, 2024. This report is mandated by V. I. Code Ann. tit. 32, § 514(e), which states, in part, “[a]n annual financial report of the fiscal year’s expenditures from the special checking account shall be compiled by the Casino Control Commission and submitted to the Legislature and the Department of Finance by the 30" day of the month following the end of the fiscal year.” The enclosed report not only includes the expenditures from the special checking account, but also the deposits thereto. The Commission’s records indicate that this submission is the third for the Commission, and the current Commissioners and staff are enormously proud of this major accomplishment. Pursuant to 32 VIC § 514(c), eighty percent of the funds deposited in the special checking account must be allocated to the Casino Control Commission, and twenty percent to the Division of Gaming Enforcement (‘DGE”). You will note that the report is separated accordingly. The first tab reflects the deposits and expenditures of the Commission, and the second tab reflects the deposits and expenditures for the DGE. In addition to the summary statements of the special checking account, the report also contains the details of the teceipts and expenditures, the bank account reconciliations, and copies of the First Bank statements for September 30, 2024. It must be noted that 32 VIC § 514(e) also mandates that the Commission submit quarterly reports to the Department of Finance. In the Audit of the Administrative Functions of the Virgin Islands Casino Control Commission dated September 4, 2018 (Report No. AR-10-39-18), the Virgin Islands Inspector General found that the Commission did not submit the required quarterly reports to the Department of Finance on a timely basis and, at page 13, specifically recommended that the Commission “submit to Finance and the Legislature the required quarterly and annual reports in a timely manner.” We are happy to report that the Commission, beginning with FY 2022, is now in full compliance with the statutory mandates pertaining to the quarterly and annual reports, and expects to maintain such compliance on an ongoing basis. /TPA~ Carolyn P. Hermon-Percell, Commissioner Vice Chair Sincerely, Luther F. Renee, Secretary/Treasurer 2|/Page CASINO CONTROL REVOLVING FUND ANNUAL REPORT Virgin Islands Casino Control Commission Special Checking Account Annual Report For the Fiscal Year October 1, 2023. to September 30, 2024 Checking Account balance on October 1, 2023 License fees Stipulated Settlement Work permit income $168,577.07 _$263.178.40 $84,320.00 _ $£4.320.00 Due from DGE! $314.85 Other Income Sub-total - Deposits $1,259.39 $363,392.64 | Total $531,969.71 Expenses Advertising Auto Insurance Automobile expense Bank Fees Cable expense $13,637.00 : $7.00. $3,628.53 $180.00 $1,914.84 Capital Outlay $1,104.99 Computer and Internet Due from DGE $4,806.82 $314.85 Employee recognition $1,572.00 Government Insurance Fund Janitorial services Meals and entertainment Miscellaneous expense Office Miscellaneous Office supplies Other income $955.29 $400.00 $8,321.09 | $750.00. $1,254.28 $3.566.68 $1,259.39 Prepaid Inter-island travel Printing and binding Professional fees Repairs and maintenance Subscriptions Telephone expenses Transcription services Uniforms Utilities - Electricity “$4,000.00 $725.76 $7,964.73 $10,252.63 $4.763.99 $4,465.02 $4,062.50 $1.507.00 $10,685.48 Utilities - Security $995.00 Utilities - Water expense $2,970.87 Total Disbursements $96,065.74 Checking Account Balance as of September 30, 2024 $435,903.97 | Unclaimed Jackpot in the amount of $1,574.24 was retumed to Caravelle Hotel and Casino. The $314.85 represents DGE's 20% share. which was paid by the CCC and repaid by DGE to CCC. 3|Fage Al Rl CASINO CONTROL REVOLVING FUND ANNU: Division of Gaming Enforcement Special Checking Account Annual Report For the Fiscal Year October 1, 2023, to September 30, 2024 Checking Account balance at October 1. 2023 $267 627.77 ae License fees $329,873.00 Stipulated Settlement $105,400.00 ta ea Work permit income $17,300.00 Investigation Fees Payable $17,997.47 Audit Fees $30,000.00 20% due from VICCC $74,576.00 Other income $1,897.29 Sub-total - Deposits $577,043.76 Total $844,671.53 Expenses Automobile expense $3,418.00 Meals and entertainment $331.00 Office supplies $2,906.45 Office miscellaneous $400.67 | Office furniture — $2.389.11 Professional Fees LA ath $233.80. Rent $3,296.18 | i Miscellaneous Expense $49.99 $230.00 Subscription and fees Training, conferences and dues $4,299.00 Travel expense $22,102.07_ Other Disbursements _——— Payments to VICCC (80% share) $363,712.64 Investigation fees payable $55,812.93 Total Disbursements $459,181.84 Checking Account Balance as of September 30, 2024 $385,489.69 6] Page