2023 Spring Revenue Estimating Conference

Join Sahil Ramchandani at the 2023 Spring Revenue Estimating Conference to learn about the US economic outlook and the projected revenue for the US Virgin Islands. Discover key insights and potential risks for the economy in the upcoming quarters.

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• US Economic Outlook
• USVI Revenue Projection
• Sahil Ramchandani
• economy
• potential risks
• revenue forecast

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Uploaded on Dec 10, 2023 | 1 Views

Presentation Transcript

1. 2023 Spring Revenue Estimating Conference Office of Management and Budget Presented by Sahil Ramchandani 03/14/2023

2. US Economic Outlook US Economic Outlook Real GDP: Percentage Change From Preceding Quarter 8.0% Real gross domestic product (GDP) increased at an annual rate of 2.7 percent in the fourth quarter of 2022, after increasing 3.2 percent in the third quarter. The economy appears to be performing resiliently so far in 2023 despite tighter financial conditions. Economic expansion remains fragile as risk factors may cause potential downside 7% 7.0% 6.0% 5.0% 4.0% 3.2% 2.7% 3.0% 2.3% 2.0% 1.0% 0.0% -1.0% -0.6% -2.0% -1.6% -3.0% Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 2

3. USVI Revenue Outlook USVI Revenue Outlook FY2023 YTD Net Revenue Projection: $914m FY2024 Preliminary Net Revenue Projection: $929m Importance of Revenue Conference and the roles we play Forecast of USVI Total Operating Income (FY Total, $ mil) $1,200,000,000 $974.1 $972.9 $948.1 $947 $1,000,000,000 $888.9 $881.9 $850.3 $800,000,000 $600,000,000 $400,000,000 $200,000,000 $- 2019 2020 2021 2022 2023E 2024F 2025F Individual Income Corporate Income Gross Receipts Real Property Trade and Excise Other Operating Revenue 3

4. Thank You! Thank You! Questions?