Members of Gov. Alejandro García-Padilla’s fiscal team confirmed Monday the government will likely have to implement cutbacks across the board to address the $441 million deficit it is facing for the start of Fiscal 2016.
Gov. Alejandro García-Padilla said Thursday the government will take specific steps in coming months to face Puerto Rico’s fiscal crisis, which include no new taxes and no job cutbacks.
The Puerto Rico Government Development Bank (GDB) warned Gov. Alejandro García-Padilla that without an approved tax reform and a budget adjusted to public spending and the island’s fiscal reality, the government could run out of money and shut down within the next three months.
According to the Merriam Webster Dictionary, a game changer is a newly introduced element or factor that changes an existing situation or activity in a significant way.
Car rental companies Hertz, Budget Rent-a-Car and Avis Car Rental joined the list of companies that provide vehicle rental services from the first level of the Luis Muñoz Marín International Airport multistory parking, joining Alamo Rent a Car, National Car Rental and Enterprise Rent-A-Car.
Contrary to what the government has been asserting over the past few months, the proposed budget for Fiscal 2015 will not be a balanced one because it is not factoring in sufficient appropriations to cover bond interest payments due, the Center for a New Economy said Wednesday.
The government’s proposed budget for Fiscal 2015 is an “emergency budget” that should not be confused with the fiscal framework Puerto Rico should have to ensure the economy works the way it wants it to in the future.
Puerto Rico Treasury Secretary Melba Acosta-Febo said today that preliminary General Fund revenue collections for May totaled $753 million, exceeding collections for the same month of last year by $141 million, or 23 percent, and beating estimates by $29 million.
The indication by members of Gov. Alejandro García-Padilla’s administration of a slight economic recovery over the past two fiscal years is “simply a mirage,” and it will take significant adjustments to achieve the growth predicted for coming years, economist firm H. Calero Consulting Group Inc. said in its most recent monthly publication.
Gov. Alejandro García-Padilla's administration is contemplating a number of austerity measures to scale back government expenses, including proposing an across-the-board $600 Christmas bonus for all public employees and eliminating payments of excess or unused sick days.
Puerto Rico Gov. Alejandro García-Padilla presented Tuesday a budget that includes about $1.4 billion in cuts, including the elimination of 23 agencies and about 100 schools, among other “rational uses of public funds.”
The Casals Festival, the yearly musical fest founded by cellist Pablo Casals, closed its 58th season on March 15 with a sold-out performance by André Watts. The 2015 season is already in the works but one thing is certain: expect more downsizing.
The Puerto Rico government is paving the way for a general obligation bond sale next month through which it seeks to raise as much as $3.5 billion to improve the Government Development Bank’s liquidity, high-ranking administration officials said Tuesday.
More than a year after warning about the possibility, Standard & Poor's Ratings Services on Tuesday made good on its word and cut its rating of Puerto Rico’s general obligation debt to 'BB+' from 'BBB-,' pushing it to the highest junk level status.
Ingrid Vila Biaggi, chief of staff to Puerto Rico Governor Alejandro García-Padilla, announced today that a balanced budget for the 2014-2015 fiscal year will be introduced in the coming weeks.
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