(This measure has not been amended since it was reported to the House on September 7, 2004. The summary of that version is repeated here.)
(Sec. 1) Requires the Governor of the Virgin Islands to appoint a Chief Financial Officer, with the advice and consent of the Legislature of the Virgin Islands, from a list required by this Act. States that if: (1) the Legislature has not confirmed a nominee within 90 days the Governor shall appoint an Acting Chief Financial Officer until the Legislature consents to a Chief Financial Officer; and (2) a Chief Financial Officer has not been appointed within 180 days the Virgin Islands Chief Financial Officer Search Commission shall appoint from such list an Acting Chief Financial Officer until a Chief Financial Officer is appointed.
Sets forth the Chief Financial Officer's duties, including: (1) assumption of the functions and authority of the Office of Management and Budget; and (2) budget and financial management systems oversight.
Transfers the functions of the Director of the Office of Management and Budget to the Chief Financial Officer. Alters the position of the Director of the Office of Management and Budget to that of the Deputy Chief Financial Officer. Implements such changes for a five-year period.
(Sec. 2) Establishes the Virgin Islands Chief Financial Officer Search Commission to recommend at least three candidates for the Chief Financial Officer position. Terminates the Commission 210 days after its first meeting.
(Sec. 3) Authorizes appropriations for the installation of a Financial Management System, including appropriate computer hardware and software, to the Government of the Virgin Islands. States that such system shall be available to the Chief Financial Officer, and five years after the date of enactment of this Act, to the Director of the Office of Management and Budget of the Virgin Islands.
(Sec. 5) States that nothing in this Act shall be construed to permit the Governor and Legislature of the Virgin Islands to delegate or otherwise alter the powers and authority of the Office of Management and Budget established under the laws of the Virgin Islands.