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State Insurance Fund Corp. exceeds operational savings required by OBoard

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The State Insurance Fund Corp. (State Insurance Fund Corp., in Spanish) confirmed it exceeded by $1.2 million the savings that the Financial Oversight and Management Board for Puerto Rico required for its operating budget for Fiscal 2021.

So said CFSE Administrator Jesús M. Rodríguez-Rosa, confirming that the Oversight Board required the corporation to achieve spending savings of $59.4 million for the last fiscal year ended June 30. However, the CFSE reached $60.6 million in savings.

“Our goal is to maintain a fiscally healthy corporation, with the ability to provide all the services that our injured workers need, while providing coverage and total immunity to employers,” said Rodríguez-Rosa.

“For this, we need to have an optimal fiscal system, maximizing resources. Today we’re pleased to report that, thanks to the solvency and administration measures we took, last fiscal year we exceeded the savings reserve established by the Oversight Board by $1.2 million. This is an important achievement in the face of future challenges,” he said.

“The government of Puerto Rico’s Certified Fiscal Plan establishes six-year metrics for all government entities, including the CFSE. This is the third consecutive fiscal year that we not only reached the amount requested by the Board, but we exceeded it,” Rodríguez-Rosa.

“This, in turn, shows that the CFSE is an asset that must be safeguarded for the benefit of our workers and businesses. With this achievement, the Board must begin to see the CFSE as the central axis in the island’s economic development,” he said.

For Fiscal 2019, the Board requested a reserve of $15.6 million, which the CFSE exceeded by nearly $2 million, to $17.3 million, he said.

While for 2019-2020 the amount requested in savings was $52.6 million, a number that was reached, despite facing the most critical part of the COVID-19 virus pandemic, the government official said.

The CFSE’s operating budget for the last fiscal year was about $529.9 billion.

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