80.3 F
Charlotte Amalie
Saturday, June 25, 2022
HomeNewsArchivesHALF MILLION IN TOBACCO FUNDS ARRIVED IN APRIL

HALF MILLION IN TOBACCO FUNDS ARRIVED IN APRIL

The V.I. coffers got an infusion of more than half a million dollars on April 17 as the "first annual payment" of the territory's portion of the multibillion-dollar national tobacco lawsuit settlement.
The payment was actually the third that the Virgin Islands has received, but the earlier wire-transfer deposits into a government bank account, on Dec. 14 and 31 of last year, constituted "initial payments," according to a press release issued by the V.I. Justice Department Tuesday.
Attorney General Iver Stridiron said he received word from the auditing firm of Pricewaterhouse Coopers of the April wire transfer of $592,395.62 to a government savings account at Banco Popular.
He said the total received to date is nearly $1.4 million of "the estimated $50 million to be received by the Virgin Islands over the next 25 years." However, he added, the April payment was less than the $615,000 anticipated. The reason, he said, was that "because of reporting and computer errors by the tobacco companies," overpayments were made in December to the states and territories that were party to the lawsuit being settled. The reduced April payment reflects adjustment to compensate for the overpayment.
Stridiron said he has been told that if the settling states and territories enact "model legislation related to tobacco sales reporting" by June 15, projected reductions in their annual share of the settlement proceeds "will be minimized." The Justice Department "will present a draft of the legislation to the governor for his consideration," he said.

Print Friendly, PDF & Email
Keeping our community informed is our top priority.
If you have a news tip to share, please call or text us at 340-228-8784.




Support local + independent journalism in the U.S. Virgin Islands

Unlike many news organizations, we haven't put up a paywall – we want to keep our journalism as accessible as we can. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. We know that informed communities are empowered ones. If you appreciate our reporting and want to help make our future more secure, please consider donating.

STAY CONNECTED

20,771FansLike
4,751FollowersFollow

FROM FACEBOOK

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons

Power rotation schedule.WAPA ALERT:

STT/STJ— Please be advised the following is a tentative rotation schedule of when feeders will be impacted. The schedule is based on load demand and subject to change. 1:00 am – 3:00 am Feeders 5A, 6A and 8A will be impacted | 3:00 am – 5:00 am Feeders 10B, 6B and 7B will be impacted | 5:00 am – 7:00 am Feeders 8B, 7E and 9C will be impacted | 8:00 am - 10:00 am Feeders 9E, 7C and 6A will be impacted. Once again, all of the timeframes listed are estimates and designed to help with planning and preparation. We apologize for the inconvenience and thank you for your ongoing patience as we work to resolve this issue.

WHAT FEEDER AM I ON?
www.viwapa.vi/docs/default-source/default-document-library/2018_feeder_listings---stt-stj.pdf?sfv...
... See MoreSee Less

Power rotation schedule.

Comment on Facebook

Curious what is going on with 7A as it is not listed in the rotation and just seems to be OUT?!

Load more
The V.I. coffers got an infusion of more than half a million dollars on April 17 as the "first annual payment" of the territory's portion of the multibillion-dollar national tobacco lawsuit settlement.
The payment was actually the third that the Virgin Islands has received, but the earlier wire-transfer deposits into a government bank account, on Dec. 14 and 31 of last year, constituted "initial payments," according to a press release issued by the V.I. Justice Department Tuesday.
Attorney General Iver Stridiron said he received word from the auditing firm of Pricewaterhouse Coopers of the April wire transfer of $592,395.62 to a government savings account at Banco Popular.
He said the total received to date is nearly $1.4 million of "the estimated $50 million to be received by the Virgin Islands over the next 25 years." However, he added, the April payment was less than the $615,000 anticipated. The reason, he said, was that "because of reporting and computer errors by the tobacco companies," overpayments were made in December to the states and territories that were party to the lawsuit being settled. The reduced April payment reflects adjustment to compensate for the overpayment.
Stridiron said he has been told that if the settling states and territories enact "model legislation related to tobacco sales reporting" by June 15, projected reductions in their annual share of the settlement proceeds "will be minimized." The Justice Department "will present a draft of the legislation to the governor for his consideration," he said.