Executive Officer Testimony Details

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Statement of Julio A. Rhymer, Interim Executive Director of WAPA

(Wednesday, May 11, 2016)

Introduction

Good day Chairman James, Committee members, other Senators present, testifiers and members of the listening and viewing audience. For the record, my name is Julio A. Rhymer, and I am the Interim Executive Director of the Virgin Islands Water and Power Authority.

Pending before you today is a proposed Bill submitted by the Honorable Governor Kenneth E. Mapp that would appropriate $8 Million to pay towards the arrearage of the debt for water and electrical services owed to the Authority by the Juan Luis and the Roy L. Schneider Hospitals.

I have been asked to testify on the dire need by the Authority for those funds. As I do so, I will put into context the current fiscal challenges facing the Authority, and advise of recent events that have occurred that are compromising the Authority’s financial operations that requires swift action by both the Governor and the Legislature.

Current Status of the Authority’s Finances

When we testified before this body in the latter part of last year for the annual budget hearings, we advised that in FY 2015 (July 1, 2014 to June 30, 2015), subject to yearend adjustments and auditor’s adjustments, the Authority’s Electric System earned an estimated $270.6 million in total operating revenues, comprised of $267.4 million in sales revenues from sales of 620,881 megawatt hours (MWh) of electricity, and $3.1 million in other revenues. During the same period, the Electric System incurred estimated operating expenses and net deductions of $275.0 million, thereby producing a net loss of $4.4 million.

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