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Tuesday, March 5, 2024
HomeNewsLocal governmentMatching Fund Special Purpose Securitization Corporation Board of Directors Approves 2024 Budget

Matching Fund Special Purpose Securitization Corporation Board of Directors Approves 2024 Budget

Government of the United States Virgin Islands

Gov. Albert Bryan Jr., as chairman, convened a meeting of the Matching Fund Special Purpose Securitization Corporation (MFSPSC) Board of Directors to approve its Fiscal Year 2024 Operating Budget. Public Finance Authority (PFA) Director of Finance and Administration Nathan Simmonds presented the proposed budget, stating, “The Matching Fund Special Purpose Securitization Corporation has a responsibility to present a budget for the fiscal year to its trustee, the Bank of New York Mellon. The Matching Fund Special Purpose Securitization Corporation underestimated its operating budget, resulting in a shortfall in Fiscal Year 2023 of $176,429.69.”

Director Simmonds also updated the board on the FY 2022 audit of the Matching Fund Special Purpose Securitization Corporation by BDO, which has been delayed. Sheila Robinson, the board treasurer, expressed concern about the delay and its importance to share with bondholders. Ultimately, the Board of Directors of the Matching Fund Special Purpose Securitization Corporation approved the FY 2024 Budget of $583,570.31 and the reimbursement of $176,429.69 to the VIPFA, for an overall FY 2024 budget of $760,000.

Besides Gov. Bryan, other members attending the meeting were Sheila Robinson, Pamela Jasinski and Kristine Eppes, who served as acting secretary in the absence of Michelle Dryer.

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