Bryan disputed Gittens’ criticism of Virgin Islands fiscal management and credit-line proposal

Gov. Albert Bryan Jr. used the Government House weekly briefing on Sept. 9, 2024, to respond to criticism from Senate Majority Leader Kenneth L. Gittens about the territory’s fiscal management and a proposal to expand the government’s line of credit.

Bryan said the Legislature authorizes how government revenue is used but does not itself fund the government, which he said is financed through taxes, fees and other revenue. He also said his administration had reduced the government’s debt by about $500 million since he took office in 2019.

Bryan said his administration had made progress on retroactive wage payments, describing the obligation as about $175 million. He said the government had disbursed $43 million since 2022.

He said expanding the line of credit was necessary to maintain liquidity and cash flow for a government with an operating budget of more than $1 billion. Bryan said any use of the credit line would remain within projected annual revenue.

Bryan also said the federal government’s extension of the corporate income tax filing deadline would delay collection of revenue.

Official source: https://www.vi.gov/governor-bryan-responds-to-senator-gittens-misleading-statements-on-territorys-fiscal-management/