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Public Finance Authority approves $26.11M FY2026 budget; Office of Disaster Recovery seeks $12.21M and $4M seed funds
Summary
The Public Finance Authority and its Office of Disaster Recovery appeared together before the legislature to present FY2026 budgets and recovery program updates, including new debt issuances, a $150.155M GAVI bond and a large pipeline of ODR recovery projects managed through a newly formed super PMO.
The Virgin Islands Public Finance Authority (PFA) told the legislature on June 10 that its FY2026 administrative and operations budget is $26,110,000, a decrease of roughly 21% from FY2025, driven by lower consultancy and vacancy budgeting. Director Nathan Simmons told senators the PFA budget will be funded from a mix of gross receipts, general fund appropriations, federal reimbursements and the authority’s project funds.
Simmons reviewed debt and capital activity, including the June 5, 2025 issuance of $150,155,000 in grant anticipation revenue (GAVI) bonds to finance a package of transportation and infrastructure projects (ferry and Veterans Drive among them). He also described the authority’s role managing the Matching Fund securitization bonds, tobacco settlement bonds and other special purpose entities; outstanding balances and rating actions were discussed in Q&A.
Why it matters: the PFA series supports…
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