Kirk Callwood, former Dept. of Finance Commissioner and PFA Director. Photo Credit: VI LEGISLATURE
The Virgin Islands Public Finance Authority Board of Directors on Thursday approved four measures unanimously in a virtual meeting, among them a resolution to remove former Dept. of Finance commissioner, Kirk Callwood, from his president role on the PFA board.
The board also appointed PFA Director of Administration and Finance, Nathan Simmonds, as a member of the Board of Directors of Kings Alley Management, Inc., and as vice president/treasurer. Kings Alley Management overseas operations of the Kings Alley Hotel, the government-owned outfit.
By statute, the PFA director is the Department of Finance commissioner. Mr. Callwood was let go from that position in October of 2020 after he issued payment stipends to his rank and file staff without proper authorization, according to Gov't House.
The other measures that passed were a resolution to authorize the transfer of the remainder of the 2020 Private Activity Bond Volume Cap in the amount of $559,303.53 to the Virgin Islands Housing Authority; and a resolution to renew a contract with Alpha Risk Management, Inc. to provide risk management consulting services. Alpha Risk Management's initial agreement was in 2016, and the passing of the latest resolution extended the contract through 2022 under the same terms and conditions. Lastly, a resolution to approve the directors' and officers' liability insurance policy was approved.
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