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Public Finance Authority seeks $26.11M for FY2026; details GAVI bond closing and matching‑fund risks
Summary
The Virgin Islands Public Finance Authority asked for $26.11 million for fiscal 2026 and described recent bond activity, outstanding securitizations and a negative outlook on matching‑fund bonds, while warning that general fund support is needed for authority operations.
Nathan Simmons, director of finance and administration for the Virgin Islands Public Finance Authority, told the legislature on June 10 that the authority’s board approved a $26,110,000 administrative budget for FY2026 and outlined recent financing activity, subsidiary operations and debt profiles.
Simmons said the FY2026 operating budget is a 21 percent decrease from FY2025 primarily because of lower consultancy spending and fewer budgeted salaries within the Office of Disaster Recovery (ODR). He told the committee the FY2026 budget is funded with $5 million from gross receipts, $9 million in requested general fund appropriation, about $8.21 million in federal reimbursements and $3.8 million…
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