The purpose of this chapter is to require, as a matter of law, that: (1) the budget of the Government of the Virgin Islands be balanced each fiscal year; (2) appropriations in each fiscal year not exceed the verifiable revenues received; (3) annual deficits be eliminated that will prevent the accumulation of debt; and (4) […]
As used in this chapter, unless the context clearly requires otherwise: (1) “Appropriations” means an amount authorized by law to be paid in a fiscal year from the monies of the Government of the Virgin Islands for a specific purpose. (2) “Budget” means the total appropriations of the Government of the Virgin Islands in any […]
Prior to each fiscal year, and before enactment of the budget of the Government of the Virgin Islands, the Legislature shall adopt, by law, a statement of the average of the prior two years “Revenues” or “Verifiable receipts” which has been certified by the Governor, shall be the total appropriations permitted in the upcoming fiscal […]
Together with the submission of the program and financial plan required by the Executive Budget Act, contained in Title 2, chapter 2, section 24, Virgin Islands Code, the Governor shall submit to the Legislature his certified statement of the average of the prior two years actual “Revenues” or “Verifiable receipts” and his recommended appropriations for […]
The provisions of this chapter may be waived by a two-thirds vote of the Legislature whenever the Legislature finds that an emergency exists, natural or otherwise.
(a) The amount of debt of the Government of the Virgin Islands existing on October 1, 2000 shall be the debt limit of the Government of the Virgin Islands, exclusive of bond principal and interest that may become due. The debt limit shall not include bonds authorized by law for which a specific source of […]
