GERS Fund Losing on Rum, Gaining on Interest

The Matching Fund Special Purpose Securitization Corporation Board of Directors heard the good news at its quarterly meeting on Wednesday but did not touch on the bad news.

The corporation’s capitalized interest account, held by Causey Demgen and Moore PC, is earning more than anticipated.

Andy Mathes, representing the firm, said the investment this fiscal year earned $5.7 million instead of the $5.1 million expected. Gov. Albert Bryan Jr., who chairs the board, asked where that money would go. Joel Ephross, also with Causey Demgen, said he was not sure which account it would go to, but no matter which, it would benefit the Virgin Islands.

Bryan said, “So, we have a little change in the bank.”

Another piece of good news for the board is that its operation expenses are predicted to go down. A budget of $700,000 was approved, compared to last year’s budget of $750,000. The Public Finance Authority has assumed the corporation’s administrative duties. Nathan Simmonds, the director of finance administration at the PFA, presented the budget.