After a press conference on Friday afternoon where Gov. Charles Turnbull kept details of a proposed $100 million bond issuance to a minimum, a Government House release later in the evening explained the need to take on more debt.
The proposed bond financing will go toward repaying a $35 million short-term loan given to the government earlier this year by Banco Popular.
The balance of the bond proceeds will provide working capital that will be melded with "various cost-reduction and revenue-enhancement initiatives" that will go toward producing a balanced budget, the Government House release stated.
At his press conference, Turnbull didn’t give a specific date of when he would submit his recommendations for fiscal year 2000, but did say "we will send a balanced budget."
On Aug. 4, after the legislative post auditor found that Turnbull’s budget contained some $200 million in unsubstantiated revenue projections, the governor’s financial team was granted an extension to revise the budget. The Senate Finance Committee, chaired by Sen. Lorraine Berry, rescheduled the start of hearings for Aug. 24.
The revised FY 2000 budget was to have been delivered Tuesday to the Legislature, allowing senators and post-audit officials a week to review it before twice-delayed hearings before the Finance Committee begin next week.
Berry has said there is no way the budget will be in place by Oct. 1, the start of the new fiscal year. With the three-week delay, she said, final approval by the full Senate should come in late October. Then the budget bill goes to the governor.
Meanwhile, Turnbull and Rudy Krigger, the governor’s assistant for fiscal policy and economic affairs, were in New York last week meeting with financial analysts from Paine Weber Inc. about the bond issue. The next step will be to submit authorizing legislation for the bond deal to the Senate for approval.
If the proposal is approved, the bonds will be marketed and then sold to investors. Government House said the whole process has approximately two months until it is completed.
"The bonds cannot and will not be presented to potential investors until such time as we have legislative approval of the financing," Turnbull said. "It is up to me and my financing team to convince the Legislature, and the general public, that this financing is not only necessary, but the required first step in getting some breathing room as other initiatives are implemented."

Police have identified the body found Thursday at Tropaco Point on Hull Bay and have arrested two brothers in connection with the murder of Merlin E. Wescott of 9th Street, Estate Thomas #20.
At about 9:30 a.m. Thursday a security guard at Lockhart Garden reported finding a bed sheet soaked in blood, a baseball bat and a backpack with Wescott's identification in it near a garbage bin on 10th Street, police said.
At about 4 p.m. Thursday police found Wescott's body along with his vehicle at Tropaco Point.
Friday morning police arrested Jermaine Godeth, 19, of 9th Street, Estate Thomas #20, and his 15-year-old-brother charging them with first-degree murder and possession of a dangerous weapon during a crime of violence. The name of the minor was not released.
Wescott had been stabbed, his throat had been slit and he had been struck with a blunt object, according to a release from acting Chief of Police Jose A. Garcia Sr.
Both brothers struck Wescott in the head with a baseball bat, the release stated. When he fell to the ground, they stabbed him several times and slit his throat.
As reported earlier by Radio One, the suspects transported Wescott's body from 9th Street to Tropaco Point in Wescott's vehicle, then dumped the body on the side of a cliff.
An unidentified individual reported Wescott missing Thursday morning, saying he was last seen by family members at about 5 p.m. Wednesday.
The investigation is continuing. No motive was suggested for the murder.
This murder marks the 11th in St. Thomas and number 17 in the territory this year.

Drinking water supplies at two public elementary schools, Joseph Sibilly and James Monroe, contain unacceptably high levels of cancer-causing chemicals such as benzene, carbon tetrachloride and dichloromethane.
The Education Department has been served with notices of violation and administrative orders but to date has failed to comply with the conditions and directives of the notices.
According to Carol Aubin, environmental specialist with the Planning and Natural Resource Department's environmental protection division, the problem was uncovered when PNR conducted routine sanitation surveys on the public water systems at territory schools.
The testers discovered not only high bacteria in some systems but also extremely high turbidity. Because of the high turbidity, samples were sent to Caribbean Safe Water Labs for analysis.
At that point PNR was told that the water also contained high levels of volatile organic chemicals, which are known to increase the risk of cancer, liver and kidney disease and anemia.
According to Aubin, the lab already knew about the volatile organic chemicals problem because, in keeping with regulations, the Education Department had taken and tested samples in June that revealed the problem then.
In fact, the water was tested twice — once June 1 and again June 29. Both tests revealed that the "maximum contaminant level" of the chemicals was exceeded.
"But they never notified us," Aubin said, which is required by law. "And the lab assumed we already had the results."
The Safe Drinking Water Act requires that PNR be notified immediately of contaminants in the public water supply.
The Education Department was advised Aug. 5 that it must notify the public within 10 days about the contaminated water "by publication of not less than three consecutive days in a newspaper of general circulation in the area served by the system."
To date that has not been done.
Education was also directed to let parents know they should send children to school with their own drinking water.
"With school starting Monday we have concerns about the fact that there has been no public notification, as required," Aubin told St. Thomas Source Friday. "Furthermore, we weren't notified by the Department of Education either. I found out about the problem from the lab when I took in the samples from our survey."
Aubin is also concerned that contaminated water not be used for cooking at the schools.
In an Aug. 10 letter to Education Commissioner Ruby Simmonds, the department was directed, among other things, to cut back trees and brush affecting the catchment areas at the schools, clean and screen the gutters, pressure-wash the roofs and empty and clean the cisterns before Aug. 23.
Aubin explained that unlike bacteria, which can be killed or controlled with chlorine, volatile organic chemicals are actually created by a reaction between certain types of plants and algae when mixed with chlorine.
Simmonds could not be reached for comment Friday afternoon. Neither could Dean Plaskett, PNR commissioner; Hollis Griffin, director of PNR's environmental protection division; or Leonard Reed, assistant director of the division. All were reported to be at Gov. Charles W. Turnbull's press conference.
Aubin said the turbidity in the water at the schools was so high it couldn't be put through a filter.
Failure to comply with the PNR order could result in fines of up to $5,000 per day and additional enforcement actions.

It's been nine years since we have seen the one and only Julia Roberts teamed up with her old flame Richard Gere, but they are at it again in Runaway Bride.
But the film doesn't quite have the pizzazz of Pretty Woman, which had us all rooting for Julia sticking to her guns in the rich guy /prostitute romance, and which was one of the most commercially successful comedies ever made in America.
Runaway Bride sounds like a fine title for a highly amusing comic romp, but it doesn't quite come off. (Or, perhaps I'm expecting too much thinking of Cary Grant and company.) Which is not to say the movie doesn't have its high moments.
It all starts when a cynical city paper columnist goes to his local watering hole searching for inspiration. He finds it not at the bottom of a bottle, but in a story about a rural woman whose specialty is leaving a string of grooms at the altar. He writes the story without checking his facts and gets fired by his editor, who is also his ex-wife.
Seeking vindication, he travels to the bride's hometown. The bride, Maggie, by this time has become aware of his column and is fighting mad. Because he did Maggie wrong, you may expect the townsfolk to shun him, but they do just the opposite, feeling sorry for the big city guy. He gets an unwanted punk dye job from Maggie's hairdresser and best friend, the always funny Joan Cusak, which makes him more pitiful, and contributes to the ongoing antics, wherein he becomes the town's honorary buddy and really gets Maggie's attention.
The film is directed by Garry Marshall who also directed Pretty Woman.

Well, it turns out Lake Placid is anything but. It all starts when a large, apparently prehistoric tooth, is found at the Maine lake and is believed to be related to the disappearance of one human and a few livestock.
This draws the attention of a nature-phobic scientist fresh from the big city, the local fish and game warden, the county sheriff, and an eccentric mythology professor. This odd assortment of characters begin a search for who knows what, but he has awfully big teeth.
The game warden is irritated by the urban scientist who has been reluctantly dispatched for this, her first field assignment. I think you can probably guess where this relationship leads.
Then the professor appears on the scene and really gets things rolling. They discover another complement for their already peculiar grouping in a scatter-brained old lady who knows something, but won't tell, and is played by none other than the irrepressible Betty White. Remember her?
It should be mentioned that this flick's official rating reads "R for violent creature attacks, and related gore, and for language." Whew, that's a first.
Starring in this sort of prehistoric romp are Bridget Fonda, Bill Pullman, along with Oliver Platt and Brendan Gleeson. The film is directed by Steve Miner.
Miner is the son of well-known local writer and business columnist Bob Miner and his wife Betty.

While artists may be known for their individuality, they can find strength in numbers.
That's the theory behind a symposium set for Saturday that's being hosted by the St. Thomas-St. John Arts Council at the Renaissance Grand Beach Resort.
Dozens of the territory's not-for-profit arts and cultural preservation groups have been invited to send representatives to the daylong presentation. The objective, according to the letter of invitation, is for them "to come together, explore issues of common concern and determine whether they are interested in pursuing a collective approach to addressing these and/or other matters."
The organizations have been asked to send representatives knowledgeable about the operations, budget and oversight of their groups.
Among topics to be address are access to community funding resources, access to exhibition and performance venues, outreach to the public through the news media and interface with the tourism industry. Representatives of these areas of concern have been asked to participate in panel discussions in the afternoon.
Also on the agenda is discussion of the concept of a United Arts campaign similar to the United Way appeal. Such an approach has been implemented in a number of mainland communities as a structured way of raising funds collectively for participating arts organizations, Arts Council board member Clarence Cuthbertson said.
Another idea to be bounced about, symposium committee member Mary Blazine said, is for multiple not-for-profit arts groups to share office facilities and staff. "Many groups simply don't have the resources to pay office rent and hire professional people for day-to-day operations," she said. "Doing so collectively would be one way of overcoming this obstacle."
At the end of the symposium, the Arts Council will ask participants to decide collectively whether they are interested in taking part in a more in-depth arts summit meeting to pursue issues raised during the day. If the response is positive, the Art Council will take the lead in organizing such a gathering in the fall.
Groups from throughout the territory have been invited to take part in Saturday's session. Recognizing that many interested entities on St. Croix might not be able to send representatives because of travel costs, the invitation letter stated, "We encourage St. Croix groups to pool their resources and send a limited number of representatives willing and able to articulate the interests and concerns of all and report back to all."
In addition, the Arts Council will send out a report of the symposium deliberations to all invited groups, as well as to any other entities that may request a copy.
The St. Thomas-St. John Arts Council is a not-for-profit, membership-based arts advocacy organization. It is not related to the Virgin Island Council on the Arts, the government agency that is responsible for disseminating National Endowment for the Arts funds in the territory.
Anyone wishing information about the symposium should call 693-7765 or 776-4812.

While artists may be known for their individuality, they can find strength in numbers.
That's the theory behind a symposium set for Saturday that's being hosted by the St. Thomas-St. John Arts Council at the Renaissance Grand Beach Resort.
Dozens of the territory's not-for-profit arts and cultural preservation groups have been invited to send representatives to the daylong presentation. The objective, according to the letter of invitation, is for them "to come together, explore issues of common concern and determine whether they are interested in pursuing a collective approach to addressing these and/or other matters."
The organizations have been asked to send representatives knowledgeable about the operations, budget and oversight of their groups.
Among topics to be address are access to community funding resources, access to exhibition and performance venues, outreach to the public through the news media and interface with the tourism industry. Representatives of these areas of concern have been asked to participate in panel discussions in the afternoon.
Also on the agenda is discussion of the concept of a United Arts campaign similar to the United Way appeal. Such an approach has been implemented in a number of mainland communities as a structured way of raising funds collectively for participating arts organizations, Arts Council board member Clarence Cuthbertson said.
Another idea to be bounced about, symposium committee member Mary Blazine said, is for multiple not-for-profit arts groups to share office facilities and staff. "Many groups simply don't have the resources to pay office rent and hire professional people for day-to-day operations," she said. "Doing so collectively would be one way of overcoming this obstacle."
At the end of the symposium, the Arts Council will ask participants to decide collectively whether they are interested in taking part in a more in-depth arts summit meeting to pursue issues raised during the day. If the response is positive, the Art Council will take the lead in organizing such a gathering in the fall.
Groups from throughout the territory have been invited to take part in Saturday's session. Recognizing that many interested entities on St. Croix might not be able to send representatives because of travel costs, the invitation letter stated, "We encourage St. Croix groups to pool their resources and send a limited number of representatives willing and able to articulate the interests and concerns of all and report back to all."
In addition, the Arts Council will send out a report of the symposium deliberations to all invited groups, as well as to any other entities that may request a copy.
The St. Thomas-St. John Arts Council is a not-for-profit, membership-based arts advocacy organization. It is not related to the Virgin Island Council on the Arts, the government agency that is responsible for disseminating National Endowment for the Arts funds in the territory.
Anyone wishing information about the symposium should call 693-7765 or 776-4812.

While artists may be known for their individuality, they can find strength in numbers.
That's the theory behind a symposium set for Saturday that's being hosted by the St. Thomas-St. John Arts Council at the Renaissance Grand Beach Resort.
Dozens of the territory's not-for-profit arts and cultural preservation groups have been invited to send representatives to the daylong presentation. The objective, according to the letter of invitation, is for them "to come together, explore issues of common concern and determine whether they are interested in pursuing a collective approach to addressing these and/or other matters."
The organizations have been asked to send representatives knowledgeable about the operations, budget and oversight of their groups.
Among topics to be address are access to community funding resources, access to exhibition and performance venues, outreach to the public through the news media and interface with the tourism industry. Representatives of these areas of concern have been asked to participate in panel discussions in the afternoon.
Also on the agenda is discussion of the concept of a United Arts campaign similar to the United Way appeal. Such an approach has been implemented in a number of mainland communities as a structured way of raising funds collectively for participating arts organizations, Arts Council board member Clarence Cuthbertson said.
Another idea to be bounced about, symposium committee member Mary Blazine said, is for multiple not-for-profit arts groups to share office facilities and staff. "Many groups simply don't have the resources to pay office rent and hire professional people for day-to-day operations," she said. "Doing so collectively would be one way of overcoming this obstacle."
At the end of the symposium, the Arts Council will ask participants to decide collectively whether they are interested in taking part in a more in-depth arts summit meeting to pursue issues raised during the day. If the response is positive, the Art Council will take the lead in organizing such a gathering in the fall.
Groups from throughout the territory have been invited to take part in Saturday's session. Recognizing that many interested entities on St. Croix might not be able to send representatives because of travel costs, the invitation letter stated, "We encourage St. Croix groups to pool their resources and send a limited number of representatives willing and able to articulate the interests and concerns of all and report back to all."
In addition, the Arts Council will send out a report of the symposium deliberations to all invited groups, as well as to any other entities that may request a copy.
The St .Thomas-St. John Arts Council is a not-for-profit, membership-based arts advocacy organization. It is not related to the Virgin Island Council on the Arts, the government agency that is responsible for disseminating National Endowment for the Arts funds in the territory.
Anyone wishing information about the symposium should call 693-7765 or 776-4812.

Sen. Gregory Bennerson announced Thursday that he has appointed Pedro Cruz and Juan Santiago as Community Outreach coordinators.
"It has been four months since Team Bennerson began doing outreach in the various communities in St. Croix," Bennerson said. "Our community outreach program consist of empowering the various communities through the establishment of Home Owners Associations and by working with the various Public Housing Tenants Associations."
The senator said Team Bennerson provides information on establishing nonprofit status for the various housing organizations, provides information on hurricane preparation through VITEMA, establishes a youth organization with information provided by the Boys& Girls Clubs and the Federal Youth Intervention Program through the office of Assitant U.S. Attorney Ezekiel Jennings.
"To assist the communities, I have designated Pedro Cruz and Juan Santiago as my representatives. Mr. Cruz and Mr. Santiago have many years of experience in assisting the
various communities. I encourage the various home and tenants organization to work with these gentlemen in an effort to gain control of the community where they live."
Bennerson said people have to work together in order to control their destiny.
"The time of waiting for government to do things in our various communities has long past. The time is now for us to work together for the betterment of our communities."

The body of an unidentified man was found Thursday afternoon at the Hull Bay/Tropaco Point area of the island.
According to Radio One news the man, who had suffered multiple stab wounds and whose throat was cut, may have been killed somewhere else and moved to the north side location.
The major crime unit and forensic detectives reportedly worked through the night trying to uncover the details of the territory's most recent homicide.
Police officials have not released any formal statement on the murder or the investigation.