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Senate budget committee hears strained finance report: $66 million in payables, $40 million line-of-credit drawn
Summary
The governor's financial team told the Legislature's Budget, Appropriations and Finance Committee that the Central Government had $38.9 million cash on hand, $66.1 million in accounts payable and had drawn $40 million of a $50 million line of credit as of early February.
The Senate Committee on Budget, Appropriations and Finance was told Feb. 18 that the territory’s central government faces tight liquidity even as officials said federal reimbursements and recovery spending are active.
“Through 02/06/2025, the Central Government of the Virgin Islands paid a total of $485,300,000 in vendor payments and allotments,” Commissioner Kevin McCurdy of the Department of Finance told the committee. He said the government had $38,900,000 in cash available as of Feb. 7 and $66,100,000 in accounts payable.
McCurdy and other members of the governor’s financial team walked senators through a…
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