Virgin Islands Public Finance Authority

Post Office Box 430



Emancipation Garden Station



St. Thomas, Virgin Islands 00802



Tel: 340-714-1635 / Fax: 340-714-1636



Office of the Director of Finance & Administration



Email: nsimmonds@usvipfa.com



February 10, 2026



Via Electronic Transmission

Honorable Angel Bolques, Jr.

Senator-At-Large



36" Legislature of the Virgin Islands

Capital Building, P.O. Box 1690



St. Thomas, US Virgin Islands 00804

abolques@legvi.org



Dear Senator Bolques, Jr.:



The Virgin Islands Public Finance Authority (the “Authority”) is in receipt of your

Chief of Staff, Judy Torres’ January 30, 2026, email requesting an update on additional

payments or disbursements related to the Paul E. Joseph Stadium Project (the “PEJ

Project”) since the Authority’s reporting as of June 2025. As mentioned in my July 10,

2025, correspondence, this project is funded through several appropriations from bond

proceeds and the Community Facilities Trust Fund. Provided below is a summary

outlining the budgeted amount, sources of funding, expenditures, and current budgetary

balance as of January 31, 2026, for the PEJ Project:



Paul E. Joseph Stadium Project

Funding Report as of January 31, 2026



Funding Source Budget Expended Available Authorizations



Series 2003 Gross Receipt Tax Bonds $1,150,000.00  $1,150,000.00 $0.00 Board Resolution Nos. 03-013 & 15-012

Series 2014C Gross Receipt Tax Bonds 17,500,000.00 17,453,162.67 46,837.33 Act 7453, Sec. 2(D)



Community Facilities Trust Account 480,000.00 282,187.00 197,813.00 Acts 7990, Sec. 1 & 8009, Sec. 1

Community Facilities Trust Account 5,124,000.00 902,025.00 4,221,975.00 Act 8781, Sec. 1



Internal Revenue Matching Fund 8,200,000.00 6,566,678.85 1,633,321.15 Act 8326, Sec. 1



Totals $32,454,000.00 $26,354,053.52  $6,099,946.48



Additionally, enclosed are detailed spreadsheets that list vendor names, payment

dates, payment methods, and other relevant information, organized by funding sources.

Honorable Angel Bolques, Jr.

Paul E. Joseph Stadium Project

February 10, 2026



Page 2



If you have any further questions or need further clarification, please do not hesitate

to contact me.



Sincerely,



‘fa



Nathan Simmonds

Director of Finance and Administration



cc: Members, Committee Budget, Appropriations & Finance, 36" Legislature

Kevin McCurdy, Commissioner, Department of Finance

Julio Rhymer, Director, Office of Management and Budget



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