The Financial Oversight and Management Board for Puerto Rico opened a call Thursday for individuals and organizations to provide written comments on the government of Puerto Rico’s proposed fiscal plan.
Puerto Rico Gov. Alejandro García-Padilla announced Wednesday his choice to fill the position of Revitalization Coordinator, picking Aaron Bielenberg from the three candidates proposed by the Financial Oversight and Management Board.
The professional track record of the nominees named by the Financial Oversight and Management Board for Puerto Rico for the position of “Revitalization Coordinator,” Riz Shah, could present a conflict of interest were he to be appointed, a report by the Center for Investigative Journalism revealed Monday.
The Financial Oversight and Management Board for Puerto Rico announced Sunday it has submitted the names of three candidates for possible designation as revitalization coordinator to Puerto Rico Gov. Alejandro García-Padilla.
The Public Corporation for the Supervision of Puerto Rico Cooperatives, or COSSEC as the entity is known in Spanish, confirmed it is drafting a “fiscal stability plan” where the sector will present strategies to stabilize the island’s co-op system and its more than 1 million members.
With a little more than two months left to this administration’s four-year term, Treasury Secretary Juan Zaragoza said there are projects he would have liked to have seen through, including a reclassification of agency employees to improve their salaries.
The government of Puerto Rico is counting on the Financial Oversight and Management Board for Puerto Rico to fight for the permanence of Law 154, passed in October 2010 as an amendment to Puerto Rico’s Internal Revenue Code that places an excise tax on sales generated by local subsidiaries to their international parent companies.
Treasury Secretary Juan Zaragoza will ask the Financial Oversight and Management Board for Puerto Rico to place the agency he heads under receivership, to prevent anyone — including himself — from signing off on significant material transactions that could affect the government’s coffers.
The Puerto Rico Aqueduct and Sewer Authority’s (PRASA) board of directors on Tuesday authorized the creation of a Memorandum of Understanding to provide staff and services to the PRASA Revitalization Corp., formed recently to provide external financing to the cash-strapped water utility.
The Puerto Rico Institute of Culture recently joined the Financial Transparency System with the goal of offering citizens a total breakdown of its investment in resources and operating expenses, beginning in Fiscal 2015.
Puerto Rico Gov. Alejandro García-Padilla announced Thursday he has turned over several documents detailing the island’s fiscal situation to the fiscal oversight board, a day ahead of the federally appointed body’s first meeting today.
Scotiabank Puerto Rico on Wednesday filed a complaint against the government of Puerto Rico to prevent the diversion and expropriation of certain tax revenue pledged as collateral to secure a loan the bank extended to the Metropolitan Bus Authority.
The Puerto Rico Electric Power Authority (PREPA) announced Tuesday it will immediately proceed with the implementation of the Integrated Resource Plan, as modified by the Puerto Rico Energy Commission (PREC), which adopted key elements of its $2.4 billion capital investment plan.
General Fund net revenues in August totaled $550 million, $10.3 million, or 1.9 percent, above estimates, Treasury Secretary Juan Zaragoza-Gómez said Thursday.
The seven-member Financial Oversight and Management Board for Puerto Rico is expected to meet sometime next week for the first time since being constituted by President Obama to address the island’s economic crisis, Richard Ravitch, who will represent the Commonwealth’s governor in the body, said Monday.
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