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OBoard OKs use $260M in Emergency Reserve Funds for Dorian-related expenses

In light of Hurricane Dorian and the related Federal declaration of a state of emergency for Puerto Rico, the Financial Oversight and Management Board authorized the government to dip into some $260 million in Emergency Reserve funds from fiscal years 2019 and 2020.

Although for the most part, Puerto Rico dodged a bullet, Hurricane Dorian passed over the island municipalities of Vieques and Culebra during its trek through the
Antilles.

The government will not need prior Oversight Board approval of the use of the money through Sept. 28, 2019, the U.S.-appointed body stated.

In addition, the Oversight Board authorized government access to previous year budgetary reserve balances for Hurricane Dorian emergency-related expenses provided a certification of said balances is presented to the Oversight Board in advance.

The Board is also granting the government an extension to expend funds that were properly encumbered on or before June 30th, from the General and Special Revenue Budgets, from the mandated deadline of Aug. 31st to Sept. 13th.

“We’re hopeful this storm passes without major harm to Puerto Rico, its people, their homes and businesses,” said Natalie Jaresko, executive director of the Oversight Board. “We will continue to support government efforts during this difficult time.”

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This story was written by our staff based on a press release.

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