Bryan Calls For Financial Relief From Senate as VI Faces Revenue Challenges
Facing delays in corporate tax revenue, Bryan urges lawmakers to expand the $100 million line of credit to $150 million or approve a separate $50 million line for timely payment of income tax refunds and vendor obligations
2024-09-04 12:29:00 - VI News Staff
In a statement issued Tuesday afternoon amidst a heated Senate hearing on the government's finances, Governor Albert Bryan Jr. called on the 35th Legislature to take "decisive action" to ensure the Government of the Virgin Islands can meet its immediate financial obligations. Mr. Bryan is urging the Legislature to either expand the previously approved $100 million line of credit to $150 million, allowing the additional $50 million to be used for outstanding vendor payments and income tax refunds owed to Virgin Islanders, or to approve a separate $50 million line of credit specifically for these purposes.
Responding to Senator Alma Heyliger Francis during a Finance hearing today, Office of Disaster Recovery Director, Adrienne Williams-Octalien, revealed that the line of credit held $87.2 million as of Tuesday, inclusive of the $45 million the administration borrowed for the Vitol acquisition. According to the Government House, $21 million has been repaid to the lender, ostensibly including fees, interest, and other charges in addition to the principal repayment. Expanding the line of credit to $150 million from the $87.2 million currently available means that the Senate would need to approve the borrowing of an additional $62.8 million. ODR has used $31 million of the $100 million line of credit to meet the federal match for key recovery projects.