(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
(Sec. 1) Requires the Governor of the U.S. 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; (2) reporting quarterly on the financial status of the Government of the Virgin Islands; (3) monitoring budget and financial management operations and developing financial management standards; and (4) providing technical staff to the Governor and legislature of the Virgin Islands.
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 to the Government of the Virgin Islands for the installation of a Financial Management System.
(Sec. 5) Prohibits anything in this Act from being 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.