(a) Notwithstanding any other law, the Board may establish and maintain a separate operating bank account to be known as the “Health Insurance Special Projects Fund” (“the Fund”). The Board shall provide for the administration of the Fund and shall promulgate rules and regulations governing expenditures from the Fund, consistent with the provisions of this section.
(b) At its inception, the Health Insurance Special Projects Fund revenues shall consist of any residual amounts remaining from any previously existing Special Projects Funds established pursuant to any expired health insurance contract between the Government and the its health insurers, and the return of funds on deposit pursuant to the Government health insurance self funded pharmaceutical arrangement.
(c) Revenues to the Fund shall consist of amounts appropriated by the Legislature and amounts consistent with the provisions of this section. Annually and within (30) thirty days of the beginning of each fiscal year after the inception of the Fund, the Legislature shall appropriate the sum of $275,000 to be deposited into the Fund, in conjunction with and as a part of the annual appropriation for the Government health insurance premiums.
(d) The Fund shall be reconciled at least quarterly. Within sixty (60) days of the beginning of each operating year following the inception of the Fund, the Chairperson of the Board shall submit to the Governor and the Legislature an annual report summarizing the expenditures from the Fund during the previous operating year. The report shall be accompanied by an annual reconciliation of the Fund indicating the balance in the Fund at the close of the operating year. Any amounts remaining at the end of the annual reconciliation of the Fund in excess of $275,000 shall within thirty (30) days of the reconciliation, be returned to the Treasury of the Government of the Virgin Islands, to be deposited into the Health Insurance Fund.
(e) The Chairperson of the Board, or his designee or designees shall be empowered to expend money from the Fund.
(f) Monies in the fund shall be expended for expenses, including operating costs and expenses of the Board not otherwise provided for by the operating budget of the Division of Personnel, or other costs and expenses associated with the administration of the group insurance program as may be considered necessary and as duly authorized by the Board.