A team of federal officials representing several agencies will come to Puerto Rico next month to help the local government navigate through the economic crisis, prompting more rumblings of the possibility of a receivership for the island.
Puerto Rico government officials announced the start of the process to prepare the island’s first official Human Development Report, to be based on the methodology that the United Nations Program for Development has been using since 1992.
Fitch Ratings placed the 'BBB-' ratings of the Commonwealth of Puerto Rico’s general obligation (GO) bonds, the Puerto Rico Building Authority government facilities revenue bonds guaranteed by the commonwealth, the Puerto Rico Aqueduct and Sewer Authority’s commonwealth guaranty revenue bonds, and the Employees Retirement System’s pension funding bonds on negative watch Thursday.
The Puerto Rico Treasury Department has referred three tax evasion cases to the Justice Department against corporations who failed to pay more than $3.6 million, Treasury Secretary Melba Acosta said Wednesday.
Treasury Secretary Melba Acosta-Febo, announced that preliminary revenues for the month of October 2013 increased by $262 million compared to October 2012, and totaled $856 million for the month.
Puerto Rico is facing better odds of defaulting on its debt, Moody’s Analytics said Monday, adding that fiscal problems, high unemployment rate and a shrinking population are fueling the problem.
Puerto Rico government officials told investors Tuesday that the Commonwealth's Fiscal 2014 General Fund budget revenue will grow by $1.7 billion, or 17 percent, largely due to new tax measures, amendments to Law 154 and an expansion of the Sales and Use Tax (IVU, as it is known in Spanish) base.
The Puerto Rico Treasury Department disclosed Monday first quarter revenue of $1.69 billion, a figure that represents a year-over-year increase of $88 million, or 5.4 percent, and exceeded budget estimates for this period by $10.4 million, agency chief Melba Acosta said.
The Puerto Rico Treasury Department announced Monday that September collections reflected an increase of $109 million, or 18 percent, compared to the same month last year.
The government’s economic team, headed by Puerto Rico Treasury Secretary Melba Acosta and Government Development Bank Interim President José Pagán confirmed the introduction of a bill to expand the Sales Tax Fund Financing Corporation's (COFINA, by its Spanish acronym) capacity to issue bonds and facilitate the execution of a more cost-effective financing for the Commonwealth.
The Puerto Rico Treasury Department collected $40 million less last month with $472.7 million in net revenue, down from the $513.5 million in net revenue in the books for the same month last year, according to figures the agency released Thursday.
Puerto Rico’s government agencies, certain corporations and other entities are dragging a combined $39 billion net asset deficit, which represents an increase of approximately $5.3 billion when compared to the fiscal year ended June 30, 2011.
In the next two months, the Puerto Rico Infrastructure Financing Authority (PRIFA) will open bids for construction projects totaling $62.5 million, agency Executive Director Grace Santana told members of the Association of General Contractors.
The Puerto Rico Highway and Transportation Authority closed Thursday $400 million in Bond Anticipation Notes financing with RBC Capital Markets that will benefit both the agency and the Government Development Bank, its Interim President José Pagán said.
Puerto Rico Treasury Secretary Melba Acosta said Thursday the government collected $495 million in General Fund revenue in July, the first month of the current fiscal year.
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