Update on VI Economic Stimulus Funds

On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act (ARRA) of 2009. The Act’s purpose was to help America avert a massive recession.

Governor John P. DeJongh (D) shortly thereafter advised the VI public that more than $244 million would be available to the territory as part of the ARRA. The Governor also committed to meeting the highest standards in accounting for every dollar received.

To ensure coordination and oversight of funds, Governor DeJongh established the Office of Economic Opportunity (OEO), headed by Julito Francis of the Public Finance Authority (PFA).  Early in March, Governor DeJongh and Human Services Commissioner Chris Finch conducted two training sessions to assist over 80 non-profits in attendance to learn the process of applying and receiving economic stimulus funds.

As of May 26th, the territory has received $61,309,819.00 to address work in 48 categories. $50,598,881.00 is pending receipt, thus the territory is expected to receive approximately $111,908,700.00 this year between money already received and approved allocations.

In July, the Governor reported that the VI was awarded an additional $8-million for a State Energy Grant Program and $3-million of an additional stimulus grant would be used to enhance ferryboat service between St. Thomas and St. John.

In August, the Governor reported that the VI Government had also applied for $2.9-million in federal funding for Broadband development and completed an application for $7.3-million to rehabilitate the Frederiksted Health Center. $50,000 was awarded to clean up underground petroleum storage tank leaks.

The Virgin Islands has worked steadily to fund a wide variety of stimulus projects. Significant sums of money have been received to fund a myriad of government agency projects under the health, human services, energy, education, environmental and labor departments. A one time Social Security payment of $250 was also paid to Virgin Islanders already receiving Social Security benefits.

Opportunities to apply for ARRA funds were, and still are, available to semi-autonomous agencies, business and industry, and not-for-profit organizations.

For more detailed information on the Economic Stimulus’ timelines for applications, future opportunities available, due dates and money received please visit: http://oeo.usvipfa.com/default.aspx . A detailed chart on all spending is also available at: www.governordejongh.com/recovery/resources/index.html