Podcast from Paradise

VI legislature Building

At the top of the news on Wednesday January 25

The Senate passed their own bill to address the fiscal shortfall. They authorized the government to borrow up to $120 million and removed the end date to the higher gross-receipts tax. They hope to prevent government employee firings and close the $67.5 million budget gap.  But the Governor is not so sure. The Senators did not increase the Gross Receipts Tax to 5% as he requested. While the Senate authorized more borrowing, they did not identify funds to pay back borrowed funds. The Governor said, “Each senator understood fully that to vote against the increase in the Gross Receipts Tax in the absence of any other revenue generating alternative was a vote to dismiss government workers.”

What else is in the Senate bill

• Make the 4.5 percent gross receipt tax rate permanent.
• Direct the Internal Revenue Bureau to implement an 10% early payment discount program for businesses who pay gross receipts taxes right away
• Reduce the Insurance Guaranty Fund from $50 million to $10 million, to give 40 million to the general fund.
• Direct the governor to submit quarterly reports on the government’s fiscal status,
• Order the tax assessor to issue 2009, 2010, and 2011 property-tax bills based on the 1998 assessments.
• Authorize government workers  to take Voluntary Leave Without Pay and get immediate leave without approval from their agency head.
• Revise the rules for the UVI Research and Technology Park tenants to help bring more tenants
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 The Community Foundation is releasing the 2011 USVI KIDS COUNT DATA BOOK today.  The book is called “Our Children Now!  Investing in Our Children’s Future.” The KIDS COUNT Data Book provides information on child well-being in the Virgin Islands to promote dialogue on children’s issues, the community response and what action is needed to improve the health, safety and economic status of our children.

The Department of Tourism says their Dive USVI promotion has been a great success. It started in May 2011  and they sold 3,605 room nights with 401 bookings, generating $1.1 million in tourism revenue. The dive shops  earned some 120 thousand dollars. Feedback from both guests who booked the dive promotion and from dive shop operators have been extremely positive.

UVI is making 50 years old this year. The College of the Virgin Islands was founded 50 years ago  and the university is celebrate its “Golden Jubilee” throughout this year. The theme is “Honoring Our Past -Creating Our Future. There is a receptions this evening on St. John, Thursday on St. Thomas, and Friday January 27 on St. Croix.