Driven by a drop in payroll and the implementation of a fiscal improvement program at the Education Department, the Office of Management and Budget said Wednesday that Puerto Rico’s expenses so far this fiscal year are under budget and reflect a 6 percent year-over-year decline.
The Puerto Rico Bankers Association recently launched the third edition of its holiday season educational campaign “This Christmas Season: Enjoy. Share. Save” campaign, through which it seeks to provide consumer advice on how to maximize financial resources during the holiday shopping season, while helping them avoid an excessive level of debt.
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 Treasury Department has closed the gap between Puerto Rico’s actual General Fund income and the income estimated by the previous administration by 75 percent, agency chief and government CFO, Melba Acosta-Febo said Monday.
The Puerto Rico Financial Institutions and Insurance commissioners defended their respective budgets during a hearing before the Senate Finance Committee Monday, when they requested $15.2 million and $10.8 million, to run their respective agencies.
Credit ratings agency Moody’s Investor Service issued a report Wednesday saying that Commonwealth employee retirement system (ERS, for short) reform and the projected changes to the sales and use tax system are both positives for the island’s credit, despite the ongoing fiscal indebtedness.
Puerto Rico Statistics Institute Executive Director Mario Marazzi asked the Legislature to assign the agency a budget of a little more than $1.2 million for fiscal 2014, when it has set out to undertake 25 projects to expand and improve information databases.
Puerto Rico Government Development Bank President Javier Ferrer told lawmakers Tuesday that without the necessary measures, the institution he heads will not have the capacity to float petitions by public corporations by summer.
Puerto Rico Gov. Alejandro García-Padilla presented Thursday a consolidated budget of $29 billion and an operating budget of $9.83 billion for fiscal 2014, representing a $750 million increase when compared to the current budget, which he said will be covered with new revenue.
The Puerto Rican government’s economic team is in Washington D.C. this week to “disclose and advance plans to stabilize the government's finances and revive the island’s economy,” the Treasury Department said Monday.
Puerto Rico Telecommunications Regulatory Board President Sandra Torres on Wednesday blasted the Legislature for ransacking the agency’s finances earlier this year, when it withdrew $10 million from a self-generated fund to balance the budget. The decision, she said, left the agency’s finances in a “precarious state.”
With just two weeks to go before Christmas, many consumers are looking for safer and more efficient ways to shop. At this time of the year, it is particularly important to practice financial responsibility and to take precautions to ensure secure transactions
She has been a savvy shopper for many years, but about five years ago, mother of three Wanda Malavé took on the task of learning how to master the use of manufacturers coupons in Puerto Rico.
Public expenses have been kept under projections during the first nine months of the current fiscal year, the fourth consecutive year the administration has managed its finances according to what was budgeted, a government official said Monday.
Gov. Luis Fortuño unveiled Tuesday a $9.082 billion general fund budget proposal for fiscal 2013, representing a 2 percent reduction from the $9.260 billion budget in effect through June 30.
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