VI Update

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U.S. Virgin Islands

Collection
Government Financials
Sub-shelf
DOF Budgets & Financial Statements
Kind
Financial Report
Date
2023-03-20
Topics
Disaster Recovery, Public Finance
Pages
8
Text
Native Text

## Slide 1 U.S. Virgin Islands OFFICE OF DISASTER RECOVERY Revenue Estimating Conference March 14, 2023 Adrienne L. Williams-Octalien Director ## Slide 2 Recovery In Focus Press Releases 2 ## Slide 3 Disaster Recovery: Funding Snapshot 3 ## Slide 4 Revenue Estimation Assumptions The U.S. Virgin Islands will collect tax revenues from funded disaster projects based on the contractor’s gross receipts. FY2024 and FY2025 budgeted revenue projections are based on disaster related capital projects (>$500k) that are both currently obligated and those that are expected to be obligated through FY25 across main funding sources. Over 200 obligated and soon to be obligated projects valued at over $4.3B are expected to impact the FY24 and FY25 budgeted revenue projections with expected expenditures of $560.2M in FY24 and $570M in FY25 Recovery projects also impact other forms of revenue such as licenses, permits, fees, housing, and spend within the community and economy. …

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## Slide 1 U.S. Virgin Islands OFFICE OF DISASTER RECOVERY Revenue Estimating Conference March 14, 2023 Adrienne L. Williams-Octalien Director ## Slide 2 Recovery In Focus Press Releases 2 ## Slide 3 Disaster Recovery: Funding Snapshot 3 ## Slide 4 Revenue Estimation Assumptions The U.S. Virgin Islands will collect tax revenues from funded disaster projects based on the contractor’s gross receipts. FY2024 and FY2025 budgeted revenue projections are based on disaster related capital projects (>$500k) that are both currently obligated and those that are expected to be obligated through FY25 across main funding sources. Over 200 obligated and soon to be obligated projects valued at over $4.3B are expected to impact the FY24 and FY25 budgeted revenue projections with expected expenditures of $560.2M in FY24 and $570M in FY25 Recovery projects also impact other forms of revenue such as licenses, permits, fees, housing, and spend within the community and economy. 4 ## Slide 5 Revenue Performance –Actuals 5 Actuals FY2023 Q1 Funding Source Q1 2023 - Projections Q1 2023 – Actuals PA $ 4,186,071 $           2,018,878 HMGP $ 170,450 $               135,171 CDBG-DR $ 241,578 $               574,449 FHWA-ER $ 146,742 $                85,965 TOTAL $ 5,196,982 $            2,814,463 ## Slide 6 Expenditure Projections– FY2024 & FY2025 6 FY2024 Funding Source FY 2024 Projections PA $ 412,170,620 HMGP $ 33,343,372 CDBG-DR $ 66,934,707 Other Funds $ 46,744,510 FHWA-ER $ 6,655,000 Multiple $ 1,017,666 TOTAL $ 566,865,875 FY2025 Funding Source FY 2025 Projections PA $ 419,000,288 HMGP $ 64,800,092 CDBG-DR $ 66,435,703 Other Funds $ 17,404,863 FHWA-ER $ 4,105,000 Multiple $ 2,397,689 TOTAL $ 574,143,635 ## Slide 7 Revenue Estimate Snapshot – FY2024 & FY2025 7 FY2023 and FY2024 Total Estimated Revenue FY24 $                28,343,249 FY25 $                  28,707,182 Revenue Breakdown FY2024 FY2025 Revenue Category GRT FY 2024 Projections Funding Source GRT FY 2025 Projections PA $ 20,608,531 PA $ 20,950,014 HMGP $ 1,667,169 HMGP $ 3,240,005 CDBG-DR $ 3,346,735 CDBG-DR $ 3,321,785 Other Funds $ 2,337,225 Other Funds $ 870,243 FHWA-ER $ 332,750 FHWA-ER $ - Multiple $ 50,883 Multiple $ 119,884 TOTAL $ 28,343,294 TOTAL $ 28,707,182 Revenue Summary Significant Recovery Projects - FY 24 & 25 WAPA Electrical Improvement Projects - Randolph Harley New Generation - Undergrounding Projects DSPR Parks and Facilities Major Education Projects - Arthur Richards Junior High - CAHS Demolition Several Road Projects Health & Human Services Facilities - Charlotte Kimelman Cancer Center - Charles Harwood Medical Complex - Territory Head starts ## Slide 8 Thank You! Contact:  Director, Adrienne L. Williams-Octalien Governor’s Authorized Representative (GAR) 8 Phone:   (340)202-1221   Website:  www.usviodr.com Email:  info@usviodr.com Any Questions?