This past Wednesday, Governor deJongh addressed the St. Croix Chamber of Commerce at its Annual Membership meeting Wednesday at The Palms at Pelican Cove on St. Croix. The meeting was an opportunity for the Chief Executive to provide an overview of the territory’s economic and financial position and highlight the continued need for fiscal restraint in light of the ongoing recession and territorial budget deficit of $280 million. Indicating that the territory continues to “move forward,” the Governor offered an overview of territorial initiatives and Administration accomplishments that have helped stave off further recessionary market pressures.

With 5.7% national growth achieved during the last fiscal quarter for 2009, the highest rate of growth in years, the Governor spoke of the need to continue to be flexible while pushing forward with initiatives that will spur consumer confidence and spending. “We will not go back to where we were, thanks to our ability to quickly adapt to the changing financial environment. We must continue to embrace new opportunities, especially in the tourism and economic development arenas, including attracting new and sustaining existing small businesses. There is light at the end of the tunnel, but we are not there yet.” He also noted that the Government’s hiring freeze contributed to a net savings of $30 million thus far. 

The Governor complimented St. Croix Chamber of Commerce members for their “tremendous hard work,” and pointed to the collective spirit of flexibility during the global economic downturn. St. Croix Chamber of Commerce President Omer ErSelcuk provided a State of the Chamber report and offered words of determination, urging members to faithfully persist in anticipation of better days.

Topping the Governor's agenda for 2010 and beyond, as noted at the meeting Wednesday were: capital project development efforts, including baseball stadiums on St. Thomas and St. Croix; continued airlift negotiations for increased visitor capacity in both districts; the Research and Technology Park; additional career and technical programs as an additional avenue for Virgin Islanders seeking employment; energy efficiency/ESCOs (Energy Service Companies) and rebate programs; law enforcement advancements; efforts to overhaul the MAP program and implement a cost saving pharmaceutical benefits initiative; electronic permitting; lower bonding requirements for contractors; credit recovery programs; additional afterschool programs; the forward progress of Parent University in both districts; the Leadership in Action program, an initiative of the Children and Families Council; and other programs designed to increase the standard and quality of life for all Virgin Islands residents. “These are just some of the many items that we are working on as one government, giving you an idea of my Administration’s path for 2010 and as we approach 2011.”

Emphasizing the Administration’s continued commitment to economic growth and forward progress, the Governor also noted that it has become increasingly important that the territory protect its financial position by borrowing not based on the existing tax base, but on future revenues secured from Diageo and Cruzan Rum. “The only way that we will get past this fiscal year is by accessing the credit markets and by borrowing. It is the only way that we will survive.” In recent days President Barack Obama has also advised the nation of the need to continue to borrow funds to help spur economic activity and consumer spending in order to create real economic growth wherever possible.

Speaking about ARRA-funded projects and other federal grant awards, Governor deJongh offered, “While the insular areas are slower to receive federal funding dollars, the territory expects to receive $56 million in State Fiscal Stabilization Funds, which will be utilized primarily for the Department of Education, UVI and budget stabilization. These monies will be tremendously helpful once received in the Virgin Islands.”

The St. Croix Chamber of Commerce Board of Directors, Executive Director and membership are committed to building and nurturing a more dynamic, pro-business environment on St. Croix.