Chief Financial Officer of the Virgin Islands

(a)

Appointment of Chief Financial Officer

(1)

In general

The Governor of the Virgin Islands shall appoint a Chief Financial Officer, with the advice and consent of the Legislature of the Virgin Islands, from the names on the list required under section 2(d). If the Governor has nominated a person for Chief Financial Officer but the Legislature of the Virgin Islands has not confirmed a nominee within 90 days after receiving the list pursuant to section 2(d), the Governor shall appoint from such list a Chief Financial Officer on an acting basis until the Legislature consents to a Chief Financial Officer. (2)

Acting Chief Financial Officer

If a Chief Financial Officer has not been appointed under paragraph (1) within 180 days after the date of the enactment of this Act, the Virgin Islands Chief Financial Officer Search Commission, by majority vote, shall appoint from the names on the list submitted under section 2(d), an Acting Chief Financial Officer to serve in that capacity until a Chief Financial Officer is appointed under the first sentence of paragraph (1). In either case, if the Acting Chief Financial Officer serves in an acting capacity for 180 consecutive days, without further action the Acting Chief Financial Officer shall become the Chief Financial Officer. (b)

Transfer of functions

(1)

In general

Upon the appointment of a Chief Financial Officer under subsection (a), the functions of the Director of the Office of Management and Budget established under the laws of the Virgin Islands shall be transferred to the Chief Financial Officer. All employees of the Office of Management and Budget become employees of the Office of the Chief Financial Officer. (2)

Documents provided

The heads of each department of the Government of the Virgin Islands, in particular the head of the Department of Finance of the Virgin Islands and the head of the Internal Revenue Bureau of the Virgin Islands shall provide all documents and information under the jurisdiction of that head that the Chief Financial Officer considers required to carry out his or her functions to the Chief Financial Officer. (c)

Duties of Chief Financial Officer

The duties of the Chief Financial Officer shall include the following: (1)Assume the functions and authority of the office of the Office of Management and Budget established under the laws of the Virgin Islands as transferred under subsection (b). (2)Develop a report on the financial status of the Government of the Virgin Islands not later than 6 months after appointment and quarterly thereafter. Such reports shall be available to the public and shall be submitted to the Committee on Resources in the House of Representatives and the Committee on Energy and Natural Resources in the Senate. (3)Each year certify spending limits of the annual budget and whether or not the annual budget is balanced. (4)Monitor operations of budget for compliance with spending limits, appropriations, and laws, and direct adjustments where necessary. (5)Develop standards for financial management, including inventory and contracting, for the government of the Virgin islands in general and for each agency in conjunction with the agency head. (6)Oversee all aspects of the implementation of the financial management system provided pursuant to section 3 to ensure the coordination, transparency, and networking of all agencies' financial, personnel, and budget functions. (7)Provide technical staff to the Governor and legislature of the Virgin Islands for development of a deficit reduction and financial recovery plan. (d)

Deputy Chief Financial Officer

Until the date that is 5 years after the date of the enactment of this Act, the position of the Director of the Office of Management and Budget of the Virgin Islands shall— (1)have the duties, salary (as specified in subsection (f)(3)), and other conditions of the Deputy Chief Financial Officer in lieu of the duties, salary, and other conditions of the Director of the Office of Management and Budget of the Virgin Islands as such functions existed before the appointment of the Chief Financial Officer; and (2)assist the Chief Financial Officer in carrying out the duties of the Chief Financial Officer. (e)

Conditions related to Chief Financial Officer

(1)

Term

The Chief Financial Officer shall be appointed for a term of 5 years. (2)

Removal

The Chief Financial Officer shall not be removed except for cause. An Acting Chief Financial Officer may be removed for cause or by a Chief Financial Officer appointed with the advice and consent of the Legislature of the Virgin Islands. (3)

Replacement

If the Chief Financial Officer is unable to continue acting in that capacity due to removal, illness, death, or otherwise, another Chief Financial Officer shall be selected in accordance with subsection (a). (4)

Salary

The Chief Financial Officer shall be paid at a salary to be determined by the Governor of the Virgin Islands, except such rate may not be less than the highest rate of pay for a cabinet officer of the Government of the Virgin Islands or a Chief Financial Officer serving in any government or semi autonomous agency. (f)

Conditions related to Deputy Chief Financial Officer

(1)

Term; Removal

The Deputy Chief Financial Officer shall serve at the pleasure of the Chief Financial Officer. (2)

Replacement

If the Deputy Chief Financial Officer is unable to continue acting in that capacity due to removal, illness, death, or otherwise, another person shall be selected by the Governor of the Virgin Islands to serve as Deputy Chief Financial Officer. (3)

Salary

The Deputy Chief Financial Officer shall be paid at a salary to be determined by the Chief Financial Officer, except such rate may not be less than the rate of pay of the Director of the Office of Management and Budget. (g)

Resumption of functions

On the date that is 5 years after the date of the enactment of this Act, the functions of the Chief Financial Officer shall be transferred to the Director of the Office of Management and Budget of the Virgin Islands. (h)

Sunset

This section shall cease to have effect after the date that is 5 years after the date of the enactment of this Act.

Establishment of Commission

(a)

Establishment

There is established a commission to be known as the Virgin Islands Chief Financial Officer Search Commission. (b)

Duty of Commission

The Commission shall recommend to the Governor not less than 3 candidates for nomination as Chief Financial Officer of the Virgin Islands. Each candidate must have demonstrated ability in general management of, knowledge of, and extensive practical experience at the highest levels of financial management in governmental or business entities and must have experience in the development, implementation, and operation of financial management systems. Candidates shall not have served in a policy making or unclassified position of the Government of the Virgin Islands in the 10 years immediately preceding appointment as Chief Financial Officer. (c)

Membership

(1)

Number and appointment

The Commission shall be composed of 9 members appointed not later than 30 days after the date of the enactment of this Act. Persons appointed as members must have recognized business, government, or financial expertise and experience and shall be appointed as follows: (A)1 individual appointed by the Governor of the Virgin Islands. (B)1 individual appointed by the President of the Legislature of the Virgin Islands. (C)1 individual, who is an employee of the Government of the Virgin Islands, appointed by the Central Labor Council of the Virgin Islands. (D)1 individual appointed by the Chamber of Commerce of St. Thomas-St. John. (E)1 individual appointed by the Chamber of Commerce of St. Croix. (F)1 individual appointed by the President of the University of the Virgin Islands. (G)1 individual appointed by the Chief Judge of the Virgin Islands Territorial Court. (H)1 individual, who is a resident of St. John, appointed by the At-Large Member of the Legislature of the Virgin Islands. (I)1 individual appointed by the Advocates for the Preservation of the Retirement System. (2)

Terms

(A)

In general

Each member shall be appointed for the life of the Commission. (B)

Vacancies

A vacancy in the Commission shall be filled in the manner in which the original appointment was made. Any member appointed to fill a vacancy shall be appointed for the remainder of that term. (3)

Basic pay

Members shall serve without pay. (4)

Quorum

Five members of the Commission shall constitute a quorum. (5)

Chairperson

The Chairperson of the Commission shall be the Chief Judge of the Territorial Court or her designee and shall serve as an ex officio member of the Commission and shall vote only in the case of a tie. (6)

Meetings

The Commission shall meet at the call of the Chairperson. The Commission shall meet for the first time not later than 15 days after all members have been appointed under this subsection. (7)

Government employment

Members may not be current government employees, except for the member appointed under paragraph (1)(C); and (d)

Report; recommendations

The Commission shall transmit a report to the Governor and the Resources Committee of the House of Representatives and the Committee on Energy and Natural Resources of the Senate not later than 60 days after its first meeting. The report shall name the Commission’s recommendations for candidates for nomination as Chief Financial Officer of the Virgin Islands. (e)

Termination

The Commission shall terminate 210 days after its first meeting.

Financial management system

It is hereby authorized to be appropriated such sums as necessary for the installation of a Financial Management System, including appropriate computer hardware and software, to the Government of the Virgin Islands. Upon becoming available, the financial management system shall be available to the Chief Financial Officer and, after the date that is 5 years after the date of the enactment of this Act, the Director of the Office of Management and Budget of the Virgin Islands, to assist the Chief Financial Officer or the Director of the Office of Management and Budget of the Virgin Islands, as the case may be, to carry out the official duties of that office.

Definitions

For the purposes of this Act, the following definitions apply: (1)

Chief Financial Officer

In sections 1 and 2, the term Chief Financial Officer means a Chief Financial Officer or Acting Chief Financial Officer, as the case may be, appointed under section 1(a). (2)

Commission

The term Commission means the Virgin Islands Chief Financial Officer Search Commission established pursuant to section 2. (3)

Governor

The term Governor means the Governor of the Virgin Islands. (4)

Removal for cause

The term removal for cause means removal based upon misconduct, failure to meet job requirements, or any grounds that a reasonable person would find grounds for discharge.

No Abrogation of Powers

Nothing in this Act shall be construed to permit the Governor and Legislature of the Virgin Islands to dilute, delegate, or otherwise alter or weaken the powers and authority of the Office of Management and Budget established under the laws of the Virgin Islands.