Expenses, not revenues, cause for concern in Virgin Islands’ financial future

CHARLOTTE AMALIE — Favorable revenue forecasts might not be enough to offset the territory’s mounting expenses, government financial leaders said during a 2024 Spring Revenue Estimating Conference at Yacht Haven Grande iin St. Thomas this week.

The Virgin Islands Code requires principals from government financial institutions and others to convene two such conferences each year, in September and March, to “establish an official economic forecast of major variables of the territorial economy” as well as anticipated territorial revenues like tax collections and revenues from the general fund and elsewhere.

According to the Virgin Islands Code, the September conference is intended to provide an official economic forecast for the fiscal year beginning 13 months after the date of that conference. The later conference is supposed to be an opportunity to revisit the initial forecast before preparation of the executive budget.READ MORE