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Public finance director outlines USVI debt obligations

USVI (Caribbean News Now): Public Finance Authority executive director Angel Dawson presented on Thursday an overview of the US Virgin Island’s public debt and the Authority’s operations in the current fiscal year to the Legislature’s Finance Committee. 

Dawson, however, did not present a proposed budget for the autonomous public corporation that aids the US Virgin Islands government in meeting its fiscal obligations and raising capital for essential public projects. The Public Finance Authority board typically meets in August to consider and approve the upcoming fiscal year budget, one not provided through the General Fund.  For guidance, however, the Authority’s 2013 operating budget was $6.2 million -- a $900,000 reduction from the previous fiscal year, Dawson told the committee members. Approving an annual administrative budget is a requirement of the PFA’s bond indenture agreements as a means to assure compliance with all covenants entered into with its bondholders.

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