OMB Emphasizes Growth and Sustainability as Jenifer O'Neal Prepares to Face Senators at Budget Hearing
The V.I. government's 900-page budget proposal for fiscal years 2024 and 2025 aims to focus on the themes of growth, redevelopment, and sustainability, following successful recovery efforts from the dual hurricanes of Irma and Maria and the Covid-19 pandemic.
2023-06-06 13:13:28 - VI News Staff
The document was made public ahead of the Senate's first budget hearing this week and outlines the executive branch's revenue and expenditure projections for the coming years.
Jenifer O'Neal, director of the Office of Management and Budget, wrote in her covering letter that despite the ongoing economic effects of the pandemic, the fiscal fallout in the territory has been less drastic than initially feared. The proposed budget incorporates continued efforts to rebuild infrastructure, provide economic aid to non-profit organizations, and make allowances for ongoing wage negotiations.
Increased expenditures in most departments form a part of the new budget proposal to meet existing and past obligations and drive performance improvement initiatives. This includes the automation of core government processes, which forms a significant part of the initiative.
The government is optimistic about a 15 percent increase in corporate income tax and gross receipt tax revenues, while personal income tax collection is projected to decrease by 2.7 percent in FY2024. An expected growth of 6 percent in real property tax revenues is also indicated in the proposal.