Tobacco Settlement Financing Corporation received unqualified audit opinion for 2019 financial statements

The Virgin Islands Tobacco Settlement Financing Corporation received an unqualified audit opinion on its financial statements for the period from Oct. 1, 2018, through Sept. 30, 2019, according to an announcement issued May 10 by Government House.

The audit, conducted by BDO USA LLP, covered the corporation’s governmental activities, debt service major fund and aggregate remaining fund information. The report stated that the financial statements presented fairly, in all material respects, the corporation’s financial position as of Sept. 30, 2019, and changes in financial position for the year then ended, in accordance with generally accepted accounting principles in the United States.

The corporation was created by law in 2001 under the Virgin Islands Public Finance Authority to manage the territory’s share of the 1998 national tobacco settlement.

Government House said $18.4 million in settlement proceeds backed two bond issuances: $21.7 million in 2001 and $48.1 million in 2006. It said bond-sale proceeds financed hospital and Health Department capital projects, including the Charlotte Kimelman Cancer Institute on St. Thomas and the V.I. Cardiac Center on St. Croix.

As of Dec. 31, 2020, the corporation had $21.6 million in outstanding bonds from the 2001 and 2006 series, consisting of $3.5 million from the 2001 series and $18.1 million from the 2006 series.

Official source: https://www.vi.gov/governor-bryan-announces-favorable-audit-for-tobacco-settlement-financing-corporation/