Auditing and Financial Management:
Audit of Virgin Islands Corporation, Fiscal Year 1960
B-114822, Feb 28, 1961
This report discusses the audit of the Virgin Islands Corporation for the fiscal year ended June 30, 1960. The report contains a matter for consideration by the Congress relative to financing of needed expansion of power and water supplies and of deficit-incurring sugar operations of the Virgin Islands Corporation. The future financial requirements for these purposes have not been precisely determined, but indications are that the requirements will be substantial. In view of the significant increases in revenues of the Government of the Virgin Islands, question arises as to the necessity for continued Federal financing of these programs. Accordingly, we are suggesting that the Congress (1) have the Department of the Interior project financial requirements of the Corporation's activities over the next decade and (2) examine into alternate sources of financing, including sale of corporate assets, and review the role of the insular government in the management and financing of present corporate activities.