|
Director Julito Francis will present the Public Finance Authority's 2011 operating budget to the 28th Legislature Thursday, brief lawmakers about recent efforts to stimulate the territory's economy and describe the territory's current debt on its municipal bonds.
The Public Finance Authority is a public corporation and autonomous instrument of the Virgin Islands government. Its primary function is to help the government perform its fiscal duty, to raise public or private capital for essential projects, and to create programs that serve the financing needs of Virgin Islanders.
At the end of last month, the territory’s General Obligation debt stood at $582,914,878.50, Francis will tell legislators at the hearing. The PFA recently oversaw the completion of three capital projects under its management and a fourth project is nearing completion.
The PFA will likely maintain its operating budget for fiscal year 2011 at $6.9 million, as it was this current fiscal year. The Authority's budget is funded by the Internal Revenue Matching Fund and from the PFA's Project/Administration Fund. The Board of Directors sets operating expense funds and priorities every August.
Going into fiscal year 2011, the Authority will continue to focus on the primary objectives of helping the governor and his administration stimulate the territory's economy through a series of targeted capital projects, using a number of financing tools to encourage private and public investments.
|
