(a) There is established as a separate and distinct fund in the Treasury of the Virgin Islands the Union Arbitration Award and Government Employees Increment Fund (hereinafter, the “Fund”). The Commissioner of Finance is authorized and directed to provide for the administration of the Fund, and no monies contained therein shall be available for expenditure except as provided in this section.
(b) The Fund shall consist of all sums appropriated thereto from time to time by the Legislature, all sums repaid to the Government by the United States Virgin Islands Water and Power Authority pursuant to Act No. 4923, as amended by Act No. 5101, and all sums collected by the Government in accordance with the “Tax Reform Act of 1986”, Pub. L. No. 99–514, § 971 et seq. (1986) from corporations incorporated pursuant to section 28(a) of the Revised Organic Act of 1954, as amended. The Fund shall be utilized for the satisfaction of binding arbitration awards granted to unionized employees pursuant to Title 24, chapter 14, Virgin Islands Code, and salary increments and position reallocations of non-unionized employees of the Government of the United States Virgin Islands and for outstanding retroactive wage increases owed such employees whether or not awarded by arbitration and serve as the primary source of funding for the Public Employees Relations Board and for the satisfaction of court orders and stipulations for retroactive wages granted unionized and non-unionized employees of the Government of the Virgin Islands.
(c) If sufficient funds are not available in the Fund to satisfy all final arbitration awards, the Commissioner of Finance shall prorate the available monies to such awards.
(d) The Commissioner of Finance shall submit annually to the Legislature, a detailed accounting of the disbursements from the Fund and the unencumbered remaining balance.