{"id":13,"date":"2020-06-03T22:08:34","date_gmt":"2020-06-03T22:08:34","guid":{"rendered":"https:\/\/www.vi.gov\/covid\/?p=13"},"modified":"2020-06-10T18:53:33","modified_gmt":"2020-06-10T18:53:33","slug":"governor-bryan-delivers-fy-2021-executive-budget-proposal","status":"publish","type":"post","link":"https:\/\/www.vi.gov\/covid\/news-post\/governor-bryan-delivers-fy-2021-executive-budget-proposal\/","title":{"rendered":"Governor Bryan Delivers FY 2021 Executive Budget Proposal"},"content":{"rendered":"\r\n<p class=\"has-text-align-center\"><a href=\"\/wp-content\/uploads\/2020\/06\/FY-2021-PROPOSED-EXECUTIVE-BUDGET.pdf\">FY 2021 PROPOSED EXECUTIVE BUDGET<\/a><\/p>\r\n\r\n\r\n\r\n<p>U.S. VIRGIN ISLANDS \u2013 Governor Albert Bryan Jr. delivered his Fiscal Year 2021 Executive Budget proposal to the 33rd Legislature on Friday, ahead of the May 31 deadline required by law.<\/p>\r\n\r\n\r\n\r\n<p>The Governor\u2019s overall budget request is $1,224,532,219, which includes $742,779,823 for the General Fund, $33,104,434 for other appropriated funds and $290,906,550 for non-disaster related federal funds.<\/p>\r\n\r\n\r\n\r\n<p>Governor Bryan said Friday that despite the challenges presented by the COVID-19 pandemic and the significant shortfalls in revenue collections, the administration has prepared a balanced budget that is realistic and considers future uncertainties relating to the pandemic.<\/p>\r\n\r\n\r\n\r\n<p>\u201cWith our projected revenues significantly reduced by $126 million when compared to the Fiscal Year 2020 budget, we have to find ways to streamline Government operations while maintaining an acceptable level of service,\u201d the Governor added.<\/p>\r\n\r\n\r\n\r\n<p>Despite significantly reduced revenue projections, the Governor\u2019s proposed FY 2021 budget manages to sustain a number of needed projects and other funding, including:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>$5 million for the Stabilization Fund<\/li>\r\n<li>$1.5 million in scholarships for local students<\/li>\r\n<li>$5 million set aside to fill critical vacancies<\/li>\r\n<li>$1.475 million for Department of Education General Fund capital projects<\/li>\r\n<li>$7.2 million for mental health services in the Department of Health<\/li>\r\n<li>$42.7 million in Garvee Bonds highway projects<\/li>\r\n<li>$270 million in federal funds to battle the effects of the COVID-19 pandemic to be expended by the end of the first quarter.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>For FY 2021, the total appropriated funds \u2013 the General Fund plus other appropriated funds \u2013 are $783,275,537.<\/p>\r\n\r\n\r\n\r\n<p>Department expenditures \u2013 excluding cash transfers, contingencies and un-appropriated balances \u2013 for all funds for FY 2021 are $1.22 billion, compared with $1.41 billion for FY 2020.<\/p>\r\n\r\n\r\n\r\n<p>The FY 2021 budget proposal assumes decreases, as measured from the FY 2020 adopted budget, in the local revenue streams of Personal Income Tax; Corporate Income Tax; Real Property Tax; and Gross Receipts Tax.<\/p>\r\n\r\n\r\n\r\n<p>Office of Management and Budget Director Jenifer O\u2019Neal said the administration\u2019s FY 2021 budget reflects the Territory\u2019s cash shortage and the reduction of revenues as a result of Covid-19 and added that the budget still meets the Government\u2019s mandatory obligations despite those reductions.<\/p>\r\n\r\n\r\n\r\n<p>\u201cThe budget maintains the Governor&#8217;s and the administration&#8217;s commitment to the payment of mandatory costs, although we are forecasting the continued reduction of revenues coming into the Territory,\u201d Director O\u2019Neal said. \u201cWhile the budget does not require layoffs or reduction in the workforce, all agencies and departments must be mindful of their expenditures and scale back on all expenses as much as possible.\u201d<\/p>\r\n\r\n\r\n\r\n<p>OMB\u2019s budget expectations reflect a $202 million loss of revenue from the Tourism sector in the second quarter of 2020, and the overall budget takes into account the loss of Tourism revenues caused by the COVID-19 pandemic.<\/p>\r\n\r\n\r\n\r\n<p>The pandemic also affected the Territory\u2019s recovery efforts from the 2017 hurricanes, further exacerbating the Leisure\/Hospitality sector, which had recovered less than half the leisure\/hospitality jobs lost from Hurricanes Irma and Maria, and the pandemic further set back that recovery as hotels, restaurants and attractions temporarily had to close.<\/p>\r\n\r\n\r\n\r\n<p>In addition, the COVID-19 pandemic might also delay the reopening of the Limetree Bay refinery, which had been planning to open in July 2020 after a $2 billion overhaul, Director O\u2019Neal said.<\/p>\r\n\r\n\r\n\r\n<p>The refinery\u2019s reliance on demand from the cruise ships could also result in a near-term vulnerability if the industry is unable to quickly rebound following the pandemic, she said.<\/p>\r\n\r\n\r\n\r\n<p>\u201cPrior to the pandemic, the Territory\u2019s economy was recovering and regained nearly all the jobs lost in the 2017 hurricane season, with Construction and Leisure\/Hospitality accounting for the majority of recent gains,\u201d Director O\u2019Neal said.<\/p>\r\n\r\n\r\n\r\n<p>\u201cWith reduced revenues forecasted and major cuts necessary, we present a budget for FY 2021 that has removed all vacancies in all departments, eliminated all costs that are not mandatory, and sends a clear mandate that departments must be managed as efficiently and effectively with minimal resources as possible,\u201d the director said. \u201cWe can no longer continue business \u2018as usual.\u2019\u201d<\/p>\r\n\r\n<p><img loading=\"lazy\" decoding=\"async\" src=\"\/wp-content\/uploads\/2020\/06\/2021-budget.jpg\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" srcset=\"\/wp-content\/uploads\/2020\/06\/2021-budget.jpg 300w, \/wp-content\/uploads\/2020\/06\/2021-budget-234x300.jpg 234w\" alt=\"\" width=\"300\" height=\"385\" \/><\/p>","protected":false},"excerpt":{"rendered":"<p>U.S. VIRGIN ISLANDS \u2013 Governor Albert Bryan Jr. delivered his Fiscal Year 2021 Executive Budget proposal to the 33rd Legislature on Friday, ahead of the May 31 deadline required by law.<\/p>\n","protected":false},"author":2,"featured_media":197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-13","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-post"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Governor Bryan Delivers FY 2021 Executive Budget Proposal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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