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Charlotte Amalie
Tuesday, July 16, 2024
HomeNewsArchivesFINANCE FIGURES ON BOND SPENDING DON'T ADD UP

FINANCE FIGURES ON BOND SPENDING DON'T ADD UP

In a statement released from Government House Thursday, Finance Commissioner Bernice Turnbull sought to update senators on how the $300 million bond issue is being spent. But the figures in the press release don't add up.
According to the statement, $46.3 million was used to pay vendors; $104.9 million went to tax refunds; $38.9 million for working capital; and $20.9 million to repay the outstanding balance of the 1999 payroll loan.
$29.9 million remains to be spent for 1998 tax refunds; $15 million for the retirement incentive plan; and $7.8 million for operating expenses.
Those payments add up to $263.7 million, leaving $36.3 million unaccounted for.
Government House spokesperson James O'Bryan Jr. was unavailable for explanation.

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