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
