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Charlotte Amalie
Thursday, July 18, 2024
HomeNewsArchivesHANSEN FINDS PFA FUNDS, THEN -- POOF!

HANSEN FINDS PFA FUNDS, THEN — POOF!

Easy come, easy go.
Almost as fast as Sen. Alicia "Chucky" Hansen could turn up what she said was $60 million in Public Finance Authority funds to cover school bus transportation, among other expenses, PFA Director of Finance and Administration Amadeo Francis said the monies were restricted or in the form of equity.
Hansen said Friday that more than $48 million in accumulated "retained earnings" and up to $16 million in interest earned on government bonds issued last year should be used for government operating expenses. She said the funds were identified after analyzing Legislative Post Auditor Campbell Malone's report on the authority's audited financial statement.
But Francis on Monday said the $48 million included equity in the West Indian Co. Ltd. and in bond funds dating back to 1992. The funds are not, he said, available to cover the V.I. government's general operating expenses.
The issue of PFA funds is on the agenda for Friday's scheduled meeting of the Senate Finance Committee, according to a spokesman for committee Chairwoman Lorraine Berry.

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