Fiscal Management

In one of the most significant financial decisions that has faced the Territory to date, the Legislature will determine today the fate of the most recent Administration request to borrow another $250 million to address deficits in the 2010 and 2011 budgets. You’ve all heard the arguments on both sides; the Administration says without the loan, government...
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If Commissioner of Finance Angel Dawson thought a quick statement would make the 2007 property tax sale issue disappear, he was sadly mistaken. Beginning with three testifiers from the VI Unity Day Group, and continuing throughout a morning of testimony before the Legislature’s Committee of the Whole that focused on the property tax issues facing...
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For the past few months we have watched members of the Virgin Islands Public Finance Authority (PFA) repeatedly defy requests from the Legislature on the nature and form of their activities.  The most recent example was last Monday, when PFA Executive Director Julito Francis refused to answer a question from Sen. Adlah “Foncie” Donastorg related...
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Anyone remember these words?   “I cannot support the further issuance of debt under the allusion that this will solve our problems. We must develop a comprehensive solution.” – Gov. John P. deJongh, Jr., 2007 State of the Territory Address   We remembered this week when the governor’s financial team told the Senate that without another $100 million...
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Maybe the Governor will finally get the message that “borrow and spend” is not the answer to the fiscal crisis in the Virgin Islands. The USVI’s Government Obligation (GO) bond rating has been downgraded by Fitch, one of three major national credit rating agencies for corporate and municipal bonds (the other two are Moody’s and...
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You don’t need an economics degree to know that the current pattern of borrow and spend is a path to financial destruction for the Virgin Islands. The Territory started the fiscal year with a $280 million deficit, and it is predicted that the FY 2010 will duplicate that shortfall.  That’s a $600 million dollar hole. The...
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The economic crisis has “devastated” our government funds; the Virgin Islands is running a monthly deficit of $25 million; tax revenues have fallen 30%; and the Legislature has been warned that even more borrowing will be requested this spring. How then can one justify the addition of nearly a million dollars in salary and benefits...
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When in doubt, review the documents. By August 26, 2008, Shelley Moorhead was one week into his peaceful hunger strike on the steps of Government House on St. Croix. He was protesting the fact that his organization, the African-Caribbean Reparations and Resettlement Alliance (ACRRA), had not received $35,000 that had been appropriated to the group...
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The Government House payroll for the Virgin Islands consumes 58% of the entire government payroll budget, which was estimated at $18 million during September’s budget hearings. We’ve attached the payroll roster as it existed on October 2, 2009 in a couple of formats – one from highest to lowest overall and the other by office...
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It seems that junket to Hawaii was just a tiny glimpse into the financial activities going on at the Office of Management and Budget (OMB).  After we reported on OMB Director Debra Gottlieb’s trip to Hawaii, (for a conference), and some of the office redecorating expenses, we received additional information that, according to one of...
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While funds are being vetoed for those who rely on Human Services, the office that recommends how funds should be spent is reportedly getting a “makeover” and the Director is in Hawaii for a “conference.” Sources tell CIF that while Office of Management and Budget (OMB) Director Debra Gottlieb is reportedly in Hawaii for a “financial...
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It makes you wonder what the human priorities are. We share the public concern about the recent vetoes of funds for human service and health related programs. But we are more concerned about the quality of financial information placed in front of the Legislature as they propose and pass on these expenditures for approval. Last week,...
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Today we take a look at more than $500,000 in salaries and benefits that have been added to the payroll of the Department of Justice during the “freeze.” Justice is the most critical partner of law enforcement. Without efficient prosecution, effective law enforcement is severely compromised. And for that, you need a solid group of...
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In this post, you’ll find appointment letters for the Department of Licensing and Consumer Affairs. Pay attention to the job titles. (Note: Be patient – these files take a little longer to download) Stay tuned. There is plenty more to come. DLCA – Part1 DLCA – Part2 DLCA – Part3 Share on Facebook
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There’s been a “hiring freeze” since May 2008, the budget is tight, government employees are being asked to forfeit eight paid holidays, and the Virgin Islands is borrowing like there’s no tomorrow. So we’re at a loss to explain how at least 63 Government employees and nearly $3.74 million in salary expense were added to...
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