AAFAF disburses $21M in excess sales tax collections to 40 municipalities
The Fiscal Agency and Financial Advisory Authority (AAFAF, in Spanish) authorized the disbursement of $21.2 million of the excess of the Sales and Use Tax Redemption Fund (SUT, in Spanish) to 40 towns.
AAFAF Executive Director Omar Marrero said the excesses identified from the SUT Redemption Fund available to municipalities may be disbursed to cover, among other needs, emergency expenses related to COVID-19, and in turn, provide aid to communities, centralize state or municipal efforts to minimize the risk of contagion, protect lives, and for prevention measures.
“These are some of the steps that we work on directly with our mayors so that they can address to the pressing needs of their municipalities,” said Marrero.
“At the AAFAF we’ll continue working with municipal executives from our role as fiscal agent, financial advisor and information agent for the 78 municipalities,” he said.
Towns may request disbursements from the fund established through the Municipal Financing Regulations program at any time and as many times as they deem necessary, without the restriction of having to first settle debts with government entities or public corporations.