V.I. Public Finance Authority Director of Administration and Finance Julito Francis resigned in January to become president of the V.I. Next Generation Network (viNGN,) tasked with building a largely underground fiber optic ring network throughout the territory.
The viNGN is a semi-autonomous corporation within the PFA that will own, operate and profit from the new networks.
Most of the work will be paid for by federal grants aimed at promoting broadband access to underserved communities, and the viNGN must act efficiently and quickly to be sure to keep those funds. And time is extra tight because the grant was awarded after its own starting date, shortening the time to get the work done, said Francis Friday evening.
"We are on schedule, but given the fact that we didn’t have grant notification until two and a half months later, we are on a pretty tight schedule," he said.
The first task is to get all the project elements lined up and get authorization from the V.I. Legislature for the PFA to float bonds for part of the local share of costs.
"If that doesn’t happen we have to give back the federal monies," he said. The work must be 67 percent complete by June 2012 and 100 percent complete by June 2013; if pre-set milestones are missed for two consecutive quarters, the grant may be subject to termination, he said.
An environmental assessment must also be completed before work can begin, something the territory was not informed of until after the grant was awarded, he said. Assuming it takes 30 to 45 days to complete the assessment and assuming the assessment’s results are good, he and his team will have perhaps 27 months to start and finish the work, he said.
Francis would not say what his new salary is, and several sources said it is being negotiated.
Commissioner of Finance Angel Dawson has taken up the reins of PFA in Francis’ stead. Dawson is already an ex-officio member of the PFA by dint of his position at Finance. Reached Friday evening, Dawson said he would continue to be Finance commissioner and would draw only the one salary he is already receiving as commissioner.
