Administration targets December completion of fiscal year 2025 audit as central government moves closer to eliminating long-standing financial reporting backlog
U.S. VIRGIN ISLANDS — Governor Albert Bryan Jr. announced Monday that the Government of the Virgin Islands has completed its fiscal year 2024 audited financial statements and Single Audit, marking another major step toward bringing the central government’s financial reporting fully up to date.
The milestone follows the January 2026 completion of the fiscal year 2023 audit and keeps the administration on track to complete the fiscal year 2025 audit by December. Once completed, the central government’s audits will be current for the first time since before the 2017 hurricanes.
“This administration has spent the past seven and a half years confronting difficult problems that accumulated over decades, and we have continued moving forward rather than making excuses,” Governor Bryan said. “Completing the 2024 Single Audit is an important accomplishment and another clear sign that persistence, discipline and accountability are producing results.”
A Single Audit is an independent examination of a government’s financial statements, its expenditure of federal awards and its compliance with federal laws, regulations and grant requirements. The process also evaluates internal controls and identifies deficiencies that must be corrected to help protect public funds and reduce the risk of improper payments.
Federal rules generally require state and territorial governments that meet the applicable federal spending threshold to undergo a Single Audit and submit the reporting package to the Federal Audit Clearinghouse. These audits give federal agencies, policymakers, and the public verified information about how federal assistance is accounted for and managed.
For the Virgin Islands, timely audits are especially important as the Territory continues administering substantial federal disaster recovery, infrastructure, and program funding. Current financial reporting strengthens oversight, supports federal grant compliance, and helps build confidence among federal partners, vendors, and financial institutions.
“For years, we heard justified calls for the Government to complete its audits,” Governor Bryan said. “Today, we can say clearly that we are doing the work, completing the audits and placing the Government on a more responsible and transparent financial footing. We are now moving full speed ahead to complete the fiscal year 2025 audit by December.”
Governor Bryan thanked Office of Management and Budget Director Julio A. Rhymer Sr., the OMB team, Finance Commissioner Kevin McCurdy, the Department of Finance and employees throughout the central government who supplied the financial records, reconciliations and supporting documentation required to complete the audit.
“Catching up has required years of painstaking work across multiple departments and agencies,” the governor said. “This accomplishment reflects the focus and persistence of the public employees who gathered records, resolved discrepancies and completed the detailed work necessary to move this process forward.”
The governor emphasized that the completion of the central government’s fiscal year 2024 audit does not eliminate the need for semiautonomous agencies and component units to bring their own financial reporting up to date.
Governor Bryan has written to the leadership of several public entities, including the University of the Virgin Islands and the Virgin Islands Water and Power Authority, directing them to prioritize their outstanding audits. He also met with UVI leadership over the weekend and offered the central government’s assistance as the university works to satisfy audit and oversight requirements connected to its accreditation.
“Timely financial reporting cannot be treated as optional or placed on the back burner,” Governor Bryan said. “Every public entity has an obligation to account for the resources entrusted to it and to meet the standards required by its federal partners, regulators and the people of the Virgin Islands.”
The governor said his administration will continue working with OMB, the Department of Finance, and the government’s component units to close the remaining audit gaps and improve financial management throughout the public sector.
“We have made meaningful progress, but we are not declaring victory and going home,” Governor Bryan said. “We are staying the course, closing the remaining gaps and continuing the difficult work of building a government that is more accountable, more transparent and better prepared for the future.”
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