Governor Albert Bryan Jr. plans to seek legislative approval for a $250 million bond-financing package that would direct $85 million to the territory’s hospitals and $80 million to its water, power and waste management authorities, while funding tax refunds, retroactive wages and other government obligations. The proposed bonds would be backed by gross receipts tax revenues.
Bryan announced the proposal during Monday’s Government House press briefing, with his administration releasing a detailed breakdown later on October 19. He intends to submit the necessary legislation to the 36th Legislature in the coming days; the financing cannot proceed without lawmakers’ approval.
Under the proposal, Schneider Regional Medical Center would receive $45 million and the Governor Juan F. Luis Hospital and Medical Center would receive $40 million. Government House said the money would help address outstanding vendor obligations and the costs of maintaining essential healthcare services, including pressures affecting the hospitals’ ability to maintain adequate supplies.
“As we make historic investments in rebuilding our healthcare infrastructure, we also have to make sure the institutions operating those facilities have the financial resources necessary to serve our people,” Bryan said.
The Virgin Islands Water and Power Authority and the Virgin Islands Waste Management Authority would each receive $40 million, for a combined $80 million. Those allocations would address outstanding financial obligations and support continued electricity, water and waste management services.
Another $30 million would cover retroactive wage payments and tax refunds owed to Virgin Islanders, while $10 million would address outstanding government vendor payments. The package also includes $30 million toward repayment of an existing government line of credit.
Government House said the proposal would additionally fund capital needs within the legislative and judicial branches and economic development initiatives through the Virgin Islands Economic Development Authority. The release did not specify individual amounts for those purposes or how the $30 million for retroactive wages and tax refunds would be divided.
“These are obligations and financial pressures that already exist, and continuing to carry them without a comprehensive solution has a cost of its own,” Bryan said. “Our goal isn't just to meet the immediate financial need. It's to make an investment today that puts these institutions in a stronger position tomorrow, with the resources and accountability they need to serve our people effectively.”
Participating institutions would be required to develop five-year financial sustainability plans, strengthen financial reporting and audit compliance, and establish measurable goals for improving operational efficiency and reducing reliance on central government assistance. The proposal also calls for regular progress reviews and corrective action when necessary.
The borrowing would be subject to limits on interest rates and repayment terms, according to Government House. The release did not identify those limits or provide a debt-service schedule.
The Financial Solutions Task Force, established by Bryan in July, developed the proposal. Its leadership includes Office of Management and Budget Director Julio Rhymer and Sen. Novelle E. Francis Jr., chairman of the Legislature’s Committee on Budget, Appropriations and Finance.
Other members identified in the release include Sens. Marvin Blyden and Avery Lewis, Finance Commissioner Kevin McCurdy, Public Finance Authority Executive Director Nathan Simmonds and Personnel Director Cindy Richardson.
