Bryan asked Legislature to expand line of credit or approve separate $50 million borrowing

Gov. Albert Bryan Jr. asked the 35th Legislature on Sept. 3, 2024, to either expand an existing $100 million line of credit to $150 million or approve a separate $50 million line of credit to cover vendor payments and income tax refunds.

Government House said Bryan cited a federal extension of the corporate income tax filing deadline from October 2024 to February 2025, which he said was expected to reduce revenue collections and strain cash flow.

According to the administration, the Legislature approved a $100 million line of credit in June 2023 but limited its use to the federal match for hurricane recovery projects. Government House said $45 million from that line was used and repaid for the acquisition of propane terminal infrastructure from VITOL on behalf of the Virgin Islands Water and Power Authority.

Government House also said the Office of Disaster Recovery used $31 million from the line of credit for recovery-project matching funds and that $21 million of that amount had been repaid.

Bryan said the additional borrowing authority would allow the government to meet immediate financial obligations without reducing access to funds for recovery projects.

Official source: https://www.vi.gov/governor-bryan-urges-35th-legislature-to-either-expand-approved-line-of-credit-or-approve-a-separate-line-to-address-immediate-financial-obligations/