Question
Potential red flags or warning signs. (1) Decline in revenues. (2) Decline in property tax collection rate. (a) Less than 92 percent of current levy
Potential red flags or warning signs.
(1) Decline in revenues.
(2) Decline in property tax collection rate.
(a) Less than 92 percent of current levy collected?
(b) Property taxes more than 90 percent of the legal tax limit?
(c) Decreasing tax collections in two of the last three years?
(3) Expenditures increasing more rapidly than revenues.
(4) Declining balances of liquid resources and fund balances.
(a) General Fund spendable fund balance deficit in two or more of the last five years?
(b) General Fund assigned and unassigned fund balance less than 5 percent of General Fund revenues and other financial sources?
(5) Reliance on nonrecurring (i.e., special item) revenues to support current-period operations.
(6) Growing debt burden.
(a) Short-term debt more than 5 percent of operating revenues?
(b) Two-year trend of increasing short-term debt?
(c) Short-term interest and current-year debt service on general obligation debt more than 20 percent of operating revenues?
(d) Debt per capita ratio 50 percent higher than four years ago?
(7) Growth of unfunded pension and other employee-related benefits such as compensated absences and postemployment health care benefits.
(8) Deferral of needed maintenance on capital plant.
(9) Decrease in the value of taxable properties, retail sales levels, or disposable personal income.
(10) Decreasing revenue support from federal or state government.
(11) Increasing unemployment.
(12) Unusual climatic conditions or the occurrence of natural disasters.
(13) Ineffective management and/or dysfunctional political circumstances
financial statement 2016
http://www.usvifinance.info/html/Financial-Statements/USVI%20Financial%20Statements%20FY16.pdf
financial statement 2015
http://www.usvipfa.com/PDF/FINAL%20Government%20of%20the%20VI%20FS%20-%20September%2030%202015%20(S).pdf
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