PFA Approves $500,000 Financial System Upgrade and Consultant Payment for Vitol-WAPA Negotiations

During its regular meeting on Wednesday, members of the territory’s Public Finance Authority approved spending of approximately half a million dollars to upgrade the authority’s existing financial system. Board members also approved what is anticipated to be the final contract extension for consultants Squire Patton Boggs for their assistance in bringing the drawn-out negotiations with Vitol to a close. ‌PFA Controller Joy Wheatley explained to board members that a software upgrade has become necessary at this time because the current version of their financial system will now receive only limited support from Microsoft. Additionally, because the PFA has grown significantly over the years, with the onboarding of additional staff and the expansion of its scope of work, Ms. Wheatley said that a system upgrade with additional capabilities has become necessary.‌ She noted the establishment of the Office of Disaster Recovery and the Matching Fund special Purpose Securitization Corporation...