Devastation after Hurricane Maria on St. Croix in 2017 By. Irene Ali Photography
The Governing Board of the Virgin Islands Public Finance Authority held a regularly scheduled meeting at its St. Croix office on Monday, where the board approved a number of contracts, including auditing agreements with BDO USA for several government-owned entities, along with an annual contract with a firm performing disaster recovery project management work.
Governor Albert Bryan presided over the meeting as chairman of the board, according to a release the PFA recently issued.
The board approved the retention of Tidal Basin Caribe, LLC to assist the Office of Disaster Recovery (O.D.R.) by providing project management services for the over 1500 anticipated disaster recovery projects slated for the territory, the PFA said.
O.D.R. Director Adrienne Williams-Octalien explained that portfolio services are needed to improve overall project management efforts. Additionally, Tidal Basin Caribe will be responsible for disaster recovery project schedules and keeping the schedules within budget.
After a discussion and review of the terms of the proposed contract, the PFA board voted to approve the contract at $3.7 million per annum for a period of two years, according to the PFA release.
The board also approved a contract with BDO USA to provide auditing services to the PFA and its subsidiaries, among them WICO, the Virgin Islands Next Generation Network, and the Tobacco Settlement Financing Corporation for fiscal years 2018, 2019, and 2020.
Additionally, the PFA met in executive session to discuss certain legal matters related to offers to purchase the King’s Alley Hotel and certain interests in the Lonesome Dove Petroleum Company, as well as the negotiation of a line of credit to fund certain disaster recovery projects, the PFA said.
PFA board members who were present for the meeting included Mr. Bryan, Office of Management and Budget Director Jennifer O’Neal, Dept. of Finance Commissioner Kirk Callwood, and Keith O’Neal. Attorney Dorothy Issacs participated by telephone.
