News & Events

U.S. VIRGIN ISLANDS — The Bryan-Roach Administration has followed through on its promise to provide tax refunds to thousands of Virgin Islanders awaiting relief. Refund checks are being issued today to 5,044 Virgin Islands taxpayers totalling $14,706,351.17.

Governor Albert Bryan Jr. and Lieutenant Governor Tregenza A. Roach, Esq. are delighted to be able to follow through on a commitment to pay Virgin Islands taxpayers who are due refunds what they are owed. This payout reflects tax returns that were filed with the Bureau of Internal Revenue by March 1, 2023.

“The Bryan-Roach Administration is working to make life better for Virgin Islanders,” Governor Bryan said. “We know that the financial burdens being faced by far too many of us require a concerted effort on the government’s behalf. Issuance of these tax refund checks is a vital step in easing the strain. There is more work to be done and I vow to ensure that every Virgin Islander who is owed a tax refund receives one.”

On September 9, the Government of the Virgin Islands announced it would pay out an additional $27 million in income tax refunds over the next 30 days. Today’s check distribution follows earlier distributions of $5.1 million to 1,260 taxpayers in July and another $5.1 million to 1,745 taxpayers in August.

The Bryan-Roach Administration is investing in the Territory’s people, infrastructure, and future through transparency, stabilizing the economy, restoring trust in the government, and ensuring that recovery projects are completed as quickly as possible. Visit transparency.vi.gov

U.S. VIRGIN ISLANDS – In an impassioned statement during Monday’s Government House Weekly Press Briefing, Governor Albert Bryan Jr. announced that the Government of the Virgin Islands will pay out an additional $27 million in income tax refunds over the next 30 days. This payout follows earlier distributions of $5.1 million to 1,260 taxpayers in July and another $5 million to $5.1 million to 1,745 taxpayers in August, marking yet another decisive step in the Bryan-Roach administration’s efforts to deliver financial relief to Virgin Islanders.

Governor Bryan made the announcement as part of a broader call to action to address the economic pressures facing Virgin Islanders grappling with inflation. Along with the announcement of the income tax refund payments, the Governor urged the 35th Legislature to take up legislation that would incrementally raise the minimum wage from the current rate of $10.50 per hour.

“Today, I’m proud to announce an additional $27 million in income tax refunds will be issued to Virgin Islanders who have been waiting patiently for what they are owed. This is just one part of our strategy to provide immediate financial relief to our people who are feeling the weight of inflation,” said Governor Bryan. “But we must go further. I’m calling on the 35th Legislature to consider legislation that would increase the minimum wage. Our workers deserve a fair wage that keeps pace with the rising cost of living in our territory.”

The $27 million in planned refund payments will go to taxpayers who are due a refund, provided their filings are free of errors or not under audit. This significant payout comes on the heels of the $5.1 million in refunds distributed in both July and August, reinforcing the administration’s steadfast commitment to addressing the backlog of unpaid refunds.

“We are making real progress in resolving the tax refund backlog, and this latest round of payments is proof of our dedication to getting Virgin Islanders their money,” Governor Bryan said. “Since taking office, we have paid out more than $300 million in refunds, and we will not stop until every taxpayer who is owed a refund receives it. Every dollar back in the hands of our people is a dollar that strengthens our local economy.”

Governor Bryan’s announcement reflects his administration’s wider fiscal and economic policy, which includes advocating for measures to ease the financial burden on residents amid surging inflation. In his address, the Governor stressed the importance of giving residents the resources they need to weather these tough economic times, pointing to the proposed minimum wage legislation as a critical step.

“Our income tax refunds are providing immediate relief, but we must also look toward long-term solutions,” Governor Bryan emphasized. “An increase in the minimum wage is a step in the right direction, and I urge the Legislature to join me in supporting this necessary change. The people of the Virgin Islands should not have to choose between paying their bills and putting food on the table.”

Governor Bryan also reminded taxpayers to ensure their filings are complete, accurate, and not under audit to avoid any delays in receiving their refunds. Those who meet these conditions will receive their refunds within the next 30 days.

With this latest payout plan, the Bryan-Roach administration continues to focus on financial accountability, economic recovery, and improving the quality of life for all Virgin Islanders. The Governor reaffirmed his commitment to making sure that the territory’s tax refund backlog is fully addressed, while also pushing for broader economic reforms to benefit the workforce and stimulate economic growth.

U.S. VIRGIN ISLANDS – As part of a comprehensive initiative to breathe new life into the U.S. Virgin Islands’ town centers, Governor Albert Bryan Jr. today announced $1 million in funding aimed at revitalizing downtown Charlotte Amalie, Christiansted, and Frederiksted. The Governor’s announcement is part of the administration’s ongoing strategy to bolster economic activity, strengthen the cultural fabric of the islands, and address long-standing community concerns.

“Downtown development is a priority for the administration, and we are actively pushing solutions to revitalize our towns,” Governor Bryan said during his weekly press briefing. “From our proposed abandoned and derelict buildings legislation to our renewal efforts on Main Street, Veterans Drive, Hospital Street, and Frederiksted Jazz, we are committed to rebuilding and reimagining the heart of our communities.”

This planned funding initiative includes $750,000 in grants to be awarded to the St. Thomas Chamber of Commerce, Our Town Frederiksted, and the Christiansted Retail & Restaurant Association (CRRA). Each organization will receive $250,000 to organize events and activities that will enhance after-hours economic activity. The funding is designed to support both traditional events and introduce new opportunities for community engagement and growth.

“These planned grants will enable our organizations to reinvigorate downtown areas, continuing beloved activities like Jump-Up, Sunset Jazz, and Miracle on Main Street, while also providing the resources to develop new, innovative experiences for residents and visitors alike,” said Governor Bryan.

The Governor also pointed out that this planned funding is a key part of the Bryan-Roach administration’s broader strategy to tackle challenges that have hindered downtown development. Central to this is a legislative proposal submitted by the Governor to the 35th Legislature, which seeks to address the ongoing issue of abandoned and derelict buildings.

In addition to the planned downtown revitalization funding, Governor Bryan also announced a significant commitment to the 25th Anniversary of the Taste of St. Croix. The administration has planned to allocate an additional $300,000 to relaunch St. Croix’s Food and Wine Week in 2025. This event will spotlight local culinary talent alongside world-renowned chefs, reinforcing the territory’s position as a premier food and tourism destination.

“This funding is part of our larger vision to not only restore but elevate our downtowns and drive economic growth across the Virgin Islands,” Governor Bryan remarked. “We are committed to making sure that St. Croix’s Food and Wine Week, and all our downtown activities, are successful and beneficial for our community.”

Governor Bryan’s downtown revitalization initiative is designed to stimulate growth, foster community pride, and attract visitors to the territory’s historic town centers. The planned funding and the administration’s comprehensive approach, including the proposed legislation on abandoned properties, demonstrate a commitment to revitalizing the Virgin Islands for both present and future generations.

For more details on this planned funding and upcoming initiatives, including the legislative proposal on abandoned buildings, stay tuned to further announcements from Government House.

The Office of Management & Budget (OMB) and members of Governor
Albert Bryan Jr.’s Financial Team are putting the final touches on the Fiscal Year 2025
Recommended Executive Budget. This follows a series of intense evaluations and discussions at
the recent Spring Revenue Estimating Conference held on May 7th.

In line with Title 2, Chapter 2, Section 22 of the Virgin Islands Code, OMB is currently performing
a detailed mid-year review of the current FY 2024 budget. This review is crucial for ensuring that
the budgeted amounts are in step with the actual revenues collected, a key element in
maintaining fiscal responsibility and transparency.

The OMB will soon report its findings to the Committee on Finance and the Legislature’s Post
Audit Division, adhering to the legal deadline set for one month after the revenue estimating
conference.

Leader of Governor Bryan’s financial team, OMB Director Jenifer O’Neal, and other members of
Governor Bryan’s financial team, has been rigorously working to match the FY 2024 budget
projections with the actual financial data, aiming to establish a strong and feasible fiscal plan for
FY 2025. This effort highlights the administration’s commitment to prudent financial
management and strategic planning.

“Our financial team’s thorough work demonstrates our steadfast commitment to serving the
Virgin Islands with integrity and transparency,” Governor Bryan stated. “We are well-prepared to
introduce a balanced and thorough budget that meets our community’s needs and paves the way
for sustainable growth and development.”

The Financial Team is scheduled to provide an overview of the Fiscal Year 2025 budget on June
4th. During this presentation, they will detail the main aspects of the budget and explain how
these support the governor’s priorities in health, education, public safety, and economic growth.

 Governor Albert Bryan Jr. has taken decisive action to secure the energy needs of the U.S. Virgin Islands by initiating a significant payment to the Virgin Islands Water & Power Authority (WAPA). On April 23rd, the Virgin Islands government made a payment of $2,316,889.64 to WAPA on behalf of the Virgin Islands Waste Management Authority towards its substantial arrears.

This payment is part of a broader effort following Governor Bryan’s declaration of a state of emergency on Monday to address the territory’s energy security. This urgent step allowed access to funds from the Territory’s Budget Stabilization Fund to clear more than $11 million in debts owed by key semi-autonomous entities to WAPA.

This payment was specifically directed for WAPA to settle its debts with Aggreko, ensuring the continued operation and leasing of essential generators. This measure is critical to providing sufficient and reliable generation capacity to prevent rotating power outages in the St. Croix district. 

Governor Bryan emphasized the necessity of this action, stating, “The state of emergency was a necessary measure to counteract WAPA’s challenges in maintaining normal generation capacity and to prevent the unacceptable alternative of rotating power outages that would impact our residents and businesses severely.”

This emergency action follows a pivotal December 2023 meeting with members of the 35th Legislature, where Governor Bryan proposed a consolidated financial oversight measure for semi-autonomous agencies. This initiative was aimed at ensuring that funds allocated to these agencies are expressly used to fulfill their utility obligations. Unfortunately, this proposal was not taken up by the legislature, leaving critical financial issues unresolved. 

In addition to Tuesday’s payment, the Government of the Virgin Islands had recently paid just over $4 million to WAPA on April 12, 2024, for regular monthly bills from the Single Payer Utility Fund, plus funds on behalf of the Governor Juan F Luis Hospital and the Schneider Regional Medical Center, ensuring they meet their utility obligations.

Governor Bryan continued, “Rotating power is an unacceptable recourse for inaction. My administration remains committed to working with the 35th Legislature to resolve the financial challenges facing WAPA and ensure the Authority is placed on a sound financial footing for the future.”

Shortly after taking office in January 2019, Governor Bryan’s administration has addressed over $26 million in outstanding debts to WAPA, maintaining current payments through a single-payer system for central government agencies. 

The Bryan Roach administration has included $5 million annually for the Budget Stabilization Fund since the FY2020 Executive Budget year and intends to continue to earmark funding for the Budget Stabilization Fund in its Fiscal Year Executive Budget proposals. 

The Governor reiterates his administration’s ongoing commitment to fiscal responsibility and proactive governance to secure the well-being and economic stability of the U.S. Virgin Islands.

The Bryan-Roach Administration is investing in the Territory’s people, infrastructure, and future through transparency, stabilizing the economy, restoring trust in the government, and ensuring that recovery projects are completed as quickly as possible. Visit transparency.vi.gov

U.S. VIRGIN ISLANDS—Governor Albert Bryan Jr. announced Wednesday that the United States Department of Housing and Urban Development (HUD) has approved the Virgin Islands Housing Finance Authority’s Substantial Amendment, paving the way for the use of $145 million in Community Development Block Grant mitigation (CDBG-MIT) funds to the Virgin Islands Water and Power Authority (WAPA) to acquire the VITOL propane terminals at the Richmond Power Plant in St. Croix and the Randolph Harley Power Plant in St. Thomas.

This landmark development marks a significant milestone in the Administration’s ongoing efforts to enhance the Virgin Islands’ energy infrastructure and improve the delivery of utility services to its residents. 

With the acquisition of the LPG assets from VITOL, WAPA will gain greater control of the fuel supply and management of fuel costs.

Control of the propane facilities will enable WAPA to refocus efforts toward executing its strategic priorities and resiliency projects, which include the significant expansion of renewable energy integration into the grid.

Governor Bryan underscored the importance of this achievement, stating, “There is no easy fix to a system that has been broken for 60 years. It takes commitment, diligence, political courage, and, most importantly, working together. I want to again thank the members of the 35th Legislature who supported the legislation approving the line of credit needed to complete this plan and the leadership teams at HUD, VIHFA, and WAPA for their diligent efforts, which helped us achieve this milestone.

This transformational development will position WAPA to deliver more affordable and efficient services to its ratepayers, ultimately benefiting the people of the U.S. Virgin Islands.

The acquisition of the VITOL propane terminals represents a significant step forward in the Administration’s goal to build a more resilient and sustainable energy future for the U.S. Virgin Islands.

U.S. VIRGIN ISLANDS — Governor Albert Bryan Jr. acted on 30 bills passed by the 35th Legislature in its September 22nd session. The bills approve agreements between the Virgin Islands government and various health insurance companies and appropriate operating funds for several government agencies, boards, and commissions. Additionally, Governor Bryan approved a bill authorizing the administration to payout $25 million in fiscal years 2023 and 2024 as part of its plan to continue payment of the decades-old backlog of retroactive wages owed to eligible government employees.

In his transmittal letter to Senate President Novelle E. Francis Jr., Governor Bryan thanked members of the Senate Finance Committee and all members of the 35th Legislature for their hard work on the Fiscal Year 2024 Budget.

The Governor also took the opportunity to use his line-item veto authority for sections of Bill No. 35-0141, to strike the reference to the Government Insurance Fund in Sections P and R because the amounts are appropriated in Bill No. 35-0156.  He also exercised a line-item veto of “VIPD (Virgin Islands Police Department) Police Athletic League STX $8,000” because the subsection replicates the appropriations contained elsewhere in the bill. He also noted that a typographical error in the VITEMA (Virgin Islands Territorial Emergency Management Agency) allocation, Section G, “Other Services and Charges,” wherein the sum of $363,892 should read $636,892. Additionally, Gov. Bryan noted the total for VIPD, Section T should read $74,542,585. 

In Bill No. 35-0171, Governor Bryan exercised his line-item veto to strike Sections 8 and 9 related to placement of underground storage tanks in proximity to water wells because, he said, the Department of Planning and Natural Resources did not have an opportunity to weigh in on the wisdom or practicality of the amendment, and the proposed measure conflicts with 12 VIC 657(a). Governor Bryan also line-item vetoed Section 12(a) because the proposed language is more restrictive than the existing language. Finally, he noted that in Section 5(b), there is no sum appropriated for the construction and repair of Contentment Road.

In his transmittal letter, Governor Bryan requested that the Legislature review his recommendations at its earliest convenience.

The Bryan-Roach Administration is investing in the Territory’s people, infrastructure, and future through transparency, stabilizing the economy, restoring trust in the government and ensuring that recovery projects are completed as quickly as possible. Visit transparency.vi.gov

During Monday’s Government House press briefing, Governor Albert Bryan Jr. introduced the newest member of his Cabinet, Finance Commissioner Nominee Kevin McCurdy. McCurdy, a Virgin Islander, returns to the territory from Chicago, where he worked as the Associate Vice President of Finance and Planning at Adler University.

“I know he is committed to this community,” Governor Bryan said, stating that McCurdy’s family is in the territory. “I welcome him today and introduce him to you as our designee for the Commissioner of Finance.”

McCurdy previously served as Associate Director for the Office of Management and Budget and held several positions at OMB to include Senior Budget Analysis and Revenue Control Officer.  McCurdy holds a master’s degree in economics and a bachelor’s degree in accounting from Roosevelt University in Chicago.

The Virgin Islands Public Finance Authority on Thursday, June 15, closed on the $100 million line of credit that the 35th Legislature approved for the Government of the Virgin Islands (GVI) and made its first draw against the loan for $45 million to repay advance funds utilized from the General Fund.

The $100 million line of credit is with First Bank of Puerto Rico, and it will be used to further the Territory’s disaster recovery efforts.

The $45 million advance funds from the General Fund were paid by the GVI on behalf of the V.I. Water and Power Authority to VITOL as payment toward WAPA acquiring some of the supplier’s liquid propane gas (LPG) assets.

WAPA is in the process of applying for federal funding that will reimburse the line of credit by August.

“I want to thank the 35th Legislature for approving this line of credit,” Governor Albert Bryan Jr. said. “With the acquisition of the LPG assets, WAPA will have more control of the fuel supply and management of fuel costs, which will eliminate substantial debt so the utility can better focus on executing its strategic priorities.”

During testimony before the Senate on April 5, 2023, the Governor’s financial team explained that the line of credit will be used to fund disaster recovery projects pending reimbursements from the Territory’s federal partners.

Similarly, WAPA, with the assistance and support of the GVI, is in the process of applying to the U.S. Department of  Housing and Urban Development (HUD) for federal funding that would provide reimbursement by August for the $45 million draw on the line of credit used to acquire VITOL’s LPG assets.

The Bryan-Roach Administration is investing in the Territory’s people, infrastructure and future through transparency, stabilizing the economy, restoring trust in the government and ensuring that recovery projects are completed as quickly as possible. Visit transparency.vi.gov

Governor Albert Bryan Jr. sent down his Fiscal Year Executive Budget Proposal to the 35th Legislature on Tuesday, May 30, which totals $1.4 billion in expenditures.

“Once again, we submitted two years of budgeting,” Governor Bryan said during Tuesday’s weekly Government House briefing. “We think that’s a good way for the Legislature and for us to forecast what is to come. Revenues are up we’re predicting. We have growth for every year the Bryan-Roach Administration has been in office, so we want to continue that.”

Under the Bryan-Roach Administration, the Territory’s Gross Domestic Product for 2021 increased 2.8 percent in 2021 after decreasing 1.9 percent in 2020, according to statistics released by the U.S. Bureau of Economic Analysis.

The FY 2024-2025 Executive Budget proposal breaks down to $969 million for the General Fund, $334.9 million in federal funds, $84.3 million in other funds and $35.2 million in non-appropriated funds.

Included in the FY 2024-2025 Executive Budget are $25 million in retroactive wages to retirees and those who are owed union wages.

“We made a commitment to do it every years, and it’s in here again,” Governor Bryan said.

The Governor also thanked OMB Director Jenifer O’Neal and her staff for submitting the executive budget on time for the fifth consecutive year.

The Bryan-Roach Administration is investing in the Territory’s people, infrastructure and future through transparency, stabilizing the economy, restoring trust in the government and ensuring that recovery projects are completed as quickly as possible. Visit transparency.vi.gov

U.S. VIRGIN ISLANDS — In the first official function at Government House on St. Thomas since the building was destroyed by the 2017 hurricanes, Governor Albert Bryan Jr. signed historic legislation that allows the Government of the Virgin Islands to refinance the Rum Cover-Over Matching Fund bonds and use the savings from better interest rates to stabilize the Government Employees’ Retirement System (GERS) for at least 30 years.

PRESS RELEASE -- Governor Albert Bryan, Jr. Signs Historic Legislation That Will Refinance Rum Cover-Over Debt to Stabilize GERS

U.S. VIRGIN ISLANDS — Governor Albert Bryan Jr. on Tuesday sent down a legislative proposal developed through collaboration between  his office and the 34th Legislature to restore solvency to the Government Employees’ Retirement System (GERS).

On Thursday, September 30, 2021, Governor Albert Bryan Jr. signed the Fiscal Year 2022 Executive Budget bills and the FY 2021 Supplemental Executive Budget amendment, which appropriates money for a wide range of capital projects, $5 million for the V.I. Waste Management Authority’s debt to the V.I. Water and Power Authority and contributes $10 million to the Government Employees’ Retirement System (GERS), in addition to the Government of the Virgin Islands (GVI) employer match of $14 million.

U.S. VIRGIN ISLANDS – Governor Albert Bryan Jr. heard largely positive projections for Fiscal Year 2021 from the revenue-generating agencies and departments of the Government of the Virgin Islands during the Office of Management & Budget’s (OMB) 2021 Revenue Estimating Conference on Tuesday, August 10.

Budget includes wage increases both years for government employees; $110 million for continued tax refunds; $38 million to repay 8% salary cut; funding for 1,200 government jobs

U.S. VIRGIN ISLANDS — Governor Albert Bryan Jr. has submitted to the 34th Legislature the first ever two-year Executive Budget and said revenue projections continue to increase during the next two years, providing a very impressive outlook for Fiscal Years 2022 and 2023.

The Trump Administration, through the U.S. Department of the Interior’s Office of Insular Affairs, announced today the release of $338,059,936 to Guam and the U.S. Virgin Islands (USVI). The payment includes $65,109,936 to Guam for federal income tax advance payments under Section 30 of the Organic Act of Guam for fiscal year 2021 and $272,950,000 to the USVI in rum tax cover-over payments for estimated FY 2021 rum tax collections in the territory.

Governor Albert Bryan Jr. delivered his Fiscal Year 2021 Executive Budget proposal to the 33rd Legislature on Friday, ahead of the May 31 deadline required by law.

Moody's Investors Service has confirmed the US Virgin Islands' Caa3 issuer rating, as well as the ratings on the territory's four liens of matching fund revenue bonds issued through the Virgin Islands Public Finance Authority: Senior Lien Bonds, Caa2; Subordinate Lien Bonds, Caa3; Subordinated Indenture (Diageo) Bonds, Caa3, and Subordinated Indenture (Cruzan) Bonds, Caa3. This action concludes the review of the ratings that we initiated on June 12 for lack of sufficient financial information. This action affects approximately $1.06 billion in outstanding matching fund debt. The outlook on these ratings is stable.

President Donald Trump has approved the request made by Governor Albert Bryan Jr. to declare a federal emergency in the wake of Hurricane Dorian.

Governor Albert Bryan Jr., submitted his first Executive Budget as governor Thursday to the 33rd Legislature to fund the operations of the Government of the Virgin Islands (GVI) for Fiscal Year 2020.

Much improved economic outlook highlighted in national publication.

During a Cabinet meeting on St. Croix on Tuesday, Governor Kenneth E. Mapp thanked his leadership team and other members of his Administration for working tirelessly with the U.S. Virgin Islands community and federal officials to submit proposals which resulted in the approval of critical funds for the recovery and the long-term sustainable development of the Territory.

Budget submitted on schedule to 32nd Legislature.

Attached is a press release that includes a link to the proposed budget submitted on May 30, 2018 to the US Virgin Islands Legislature. The USVI Legislature will hold a series of hearings as part of the approval process for the FY 2019 Budget which commenced in June 2018.

This information is subject to change without notice. This Notice only speaks as of its date and does not imply there has been no change in any other information relating to the Authority or the US Virgin Islands or any of its outstanding bonds. Nothing contained in this Notice is, or should be construed as, a representation that the information included in this Notice constitutes all of the information that may be material to a decision to invest in, hold or dispose of any securities issued by or for the benefit of the Authority or the US Virgin Islands. Although the Authority may provide additional information from time to time regarding the matters in this Notice, it is not required to do so.

Deal creates hundreds of new jobs and helps fund new hotel development in St. Thomas.

Washington, DC - In a joint press conference in Washington, DC with U.S. Department of Housing and Urban Development Secretary Ben Carson, U.S. Virgin Islands Governor Kenneth E. Mapp announced today that the Territory will receive $1.6 billion in additional Community Development Block Grant Disaster Recovery (CDBG-DR) funding to repair and rebuild private and public housing, and for economic revitalization and infrastructure reconstruction and resiliency. 

This is part of the HUD grants included in President Donald Trump’s spending bill in early February for almost $90 billion of supplemental disaster funding and covering hurricane relief for Texas, Puerto Rico, Florida and the U.S. Virgin Islands as well as the California wildfires. The newly announced disbursement is in addition to $243 million in HUD funding provided to the Territory in February.

“Just seven months ago we were struck by two Category 5 hurricanes within 12 days of each other, causing catastrophic damage throughout our Territory,” said Governor Mapp. “These storms devastated our entire power grid and severely damaged our hospitals, our schools, our roads, as well as thousands of homes and businesses.” 

“It’s clear that a number of communities in the U.S. Virgin Islands are still struggling to recover from a variety of storms,” said HUD Secretary Ben Carson. “These grants will help rebuild communities impacted by past disasters and will also protect them from major disasters in the future.”

Governor Mapp added, “With the help of President Trump, FEMA, and the efforts of committed federal partners such as HUD Secretary Carson, we have begun our long road to a successful recovery. On behalf of the people of the U.S. Virgin Islands, I offer my deepest gratitude to the Secretary and our federal partners for their support.”

HUD grants are administered through the Virgin Islands Housing Finance Authority, which submits proposals for various recovery projects to HUD for approval. Some of the anticipated projects will include rebuilding and/or repairing public and senior housing and emergency shelters that were wiped out during the storms (including Queen Louise Home for the Aged in St. Thomas and Herbert Grigg Home for the Aged in St. Croix), upgrading and hardening the power distribution system, the dredging of Charlotte Amalie’s harbor to accommodate Oasis class cruise ships, road reconstruction, and telecommunications and wastewater system improvements.

U.S. VIRGIN ISLANDS - Governor Kenneth E. Mapp is publicly applauding United States President Donald J. Trump for signing into law the Additional Supplemental Appropriations for Disaster Relief Requirements Act, 2017.

On Thursday, The White House announced that the President signed Act (H.R. 2266), which provides additional Fiscal Year 2018 emergency supplemental funding for hurricane and wildfire relief and recovery efforts.

On Wednesday, the United States Senate completed action on the $36.5 billion supplemental disaster recovery spending bill, which includes $4.9 billion for emergency operating loans for the governments of Puerto Rico and the U.S. Virgin Islands.

Governor Mapp said the formal approval of this funding will go a long way to help the U.S. Virgin Islands bounce back. "We can continue rebuilding damaged infrastructure and restoring the Territory's power system."

The Governor thanked the “federal family” for all of their hard work assisting Virgin Islanders in the aftermath of Hurricanes Irma and Maria: “They have been out in the communities, working with citizens, our territorial government, the private sector and volunteer organizations.”

Governor Mapp also thanked Virgin Islanders for their continued patience. “It hasn't been easy these past few weeks, but I'm proud of the people of the U.S. Virgin Islands. You have shown the world how resilient we are. We are on a path towards rebuilding a better, stronger Virgin Islands, one day at time.”

October 27, 2017

Government House, St. Thomas - The United States Senate completed action this afternoon on a $36.5 billion supplemental disaster recovery spending bill, which includes $4.9 billion for emergency operating loans for the governments of Puerto Rico and the U.S. Virgin Islands, Governor Kenneth Mapp announced. The bill, which passed the Senate on a vote of 80-19, now goes to the President for his expected signature.

Governor Mapp said his administration has been working with officials of the Federal Emergency Management Agency (FEMA) for the last several weeks on an emergency Community Disaster Loan, in anticipation of the Congressional action, to cover the Territory’s operating expenses in the aftermath of the devastation by Hurricanes Irma and Maria. 

The supplemental spending bill includes a waiver requested by Governor Mapp which eliminates the statutory $5 million cap on the CDL loan amount. The purpose of the loan is to cover all disaster-related revenue losses for the local government and to avoid disruption of essential public services. 

The supplemental appropriations legislation also includes a total of $18.7 billion to refill FEMA’s coffers and to fund immediate FEMA disaster response costs.

In a letter to Governor Mapp, U.S. Office of Management Budget (OMB) Director Mick Mulvaney said that the supplemental bills contained funds for the most pressing emergency and recovery needs. He said long-term recovery needs of the Virgin Islands and other affected jurisdictions would be addressed in later spending legislation.

Governor Mapp praised the Senate action, commending Senate Majority Leader Mitch McConnell for taking up the bill quickly after the House of Representatives acted to approve the bill. “The swift Congressional action reflects Congress’s recognition of the unprecedented nature and scope of the disaster, as well as Congress’s willingness to assist their fellow Americans at a time of great need,” the Territory’s Chief Executive said.

Governor Mapp also announced he would be traveling to Washington, DC early next month to testify in support of additional federal assistance for the Virgin Islands in hearings planned by Senator Lisa Murkowski (R-Alaska), the Chairwoman of the Senate Energy Committee which has jurisdiction over the U.S. Territories.

October 24, 2017

NEWS PROVIDED BY

Limetree Bay Terminals, L.L.C. 

CHRISTIANSTED, Virgin Islands, Oct. 5, 2017 /PRNewswire/ -- In coordination with the U.S. Coast Guard and local officials, Limetree Bay Terminals, L.L.C. ("Limetree") has resumed commercial operations after the passing of Hurricane Maria. Truck rack loading operations serving local and area fuel suppliers resumed within 24 hours of the hurricane, and vessels commenced shore tank loading and unloading operations shortly thereafter.

In addition, Limetree continues to work in coordination with the Government of the U.S. Virgin Islands, FEMA, and private relief efforts to aid in the delivery and distribution of supplies. Limetree is committed to supporting near term hurricane relief efforts as well as longer-term regional recovery planning and will continue to provide assistance in support of these efforts where possible.

Limetree Bay Terminals, L.L.C. owns and operates a terminal storage and marine facility in St. Croix, U.S. Virgin Islandsthat consists of 32 million barrels of crude oil and petroleum product storage capacity, a deep-water port with ten ship docks and six dedicated tug boats, a truck rack, and idled refinery units with total peak processing capacity of 650 thousand barrels per day. It is located on approximately 1,500 acres situated along the south shore of St. Croix. Limetree is a joint venture between an affiliate of ArcLight Energy Partners Fund VI, L.P. ("ArcLight") and an affiliate of Freepoint Commodities LLC ("Freepoint").  More information about ArcLight, and a complete list of ArcLight's portfolio companies, can be found at www.arclightcapital.com.  More information about Freepoint can be found at http://www.freepoint.com.

Please be advised that as of August 25, 2017, the US Virgin Islands Public Finance Authority (“PFA”) will no longer be providing information for credit ratings on its Matching Fund Loan Notes and Gross Receipts Tax Bonds to Moody’s Investors Service, Inc., Standard & Poor’s Global Ratings and Fitch Ratings, Inc. We understand that, at your discretion, you may withdraw these ratings at any time.  Please note this decision does not include the PFA’s GARVEE Bonds, US Virgin Island Water and Power Authority Bonds and Virgin Islands Port Authority Bonds.

Going forward, it is our intention to provide updated financial information regarding the PFA and the Government of the Virgin Islands on EMMA and BondLink. You may access information on these sources. If you have any questions regarding this matter, please contact our financial advisor, Richard Tortora, President, Capital Markets Advisors, LLC at (516) 487-9815.

August 25, 2017