Development

EDA Warns of Budget Strain as Five-Year Funding Freeze and Missed Allotments Disrupt Programs

The V.I. Economic Development Authority is asking the Committee on Budget, Appropriations, and Finance to approve its general fund request of $6,613,000 for FY2026, an amount that has remained static for several years.  Wayne Biggs Jr., the EDA’s chief executive officer presented a lengthy budget testimony on Monday afternoon. In an hour-long presentation, he outlined the authority’s total request of $7,316,891. It includes $703,891 in internally generated revenue tacked on to the general fund appropriation.  Per Mr. Biggs’ testimony, personnel services are budgeted at $5,104,525 , roughly 70% of EDA’s budget. That figure supports 46 positions inclusive of 4 vacancies including 2 compliance officers. Professional services is the second largest budget category, funded at “just over half a million dollars.” Advertising and promotion is estimated to cost $470,118 and supports participation in multiple trade shows, while $40,000 is allocated under capital outlay to update EDA’s servers. ...