Proposal to repay nearly $5.7 billion risks further destabilizing the electrical system, IEFFA director testifies in federal court. #NewsismyBusiness
Espacios Abiertos questions lack of transparency and data supporting the board's updated forecast for a deficit by 2027. #NewsismyBusiness
The oversight panel says it ensures fiscal responsibility and sustainable economic growth, while reforming education and the tax system. #NewsismyBusiness
In the government of Puerto Rico, we believe in coordination, rather than confrontation, with the Financial Oversight and Management Board (FOMB) to bring their mission to conclusion as soon as possible. In the case of the Puerto Rico Aqueduct and Sewer Authority (PRASA), the Administration of Gov. Pedro Pierluisi is convinced that PRASA’s successes should […]
The University of Puerto Rico’s Fiscal Plan “unilaterally changes a significant part of our social contract, redistributing the risk and responsibility of providing higher education outside the state and toward the individual and the private sector,” said Sergio Marxuach, policy director at the Center for a New Economy. “The modern social contract in developed societies […]
The Financial Oversight and Management Board for Puerto Rico announced the certification of the first compliant general fund budget submitted by the government of Puerto Rico, a key element of the consolidated Fiscal 22 budget. Gov. Pedro Pierluisi signed the $10.1 billion General Fund budget adopted and submitted by the Puerto Rico Legislature. The Oversight […]
The Federal Oversight and Management Board (FOMB) and the Puerto Rico Energy Bureau (PREB) have each approved budgets for the electrical system for Fiscal Year 2022. The FOMB’s budget demonstrates its abject failure since its inception to produce a transparent budget that demonstrates progress on savings initiatives and meeting the commonwealth’s renewable energy goals. The […]
The Financial Oversight and Management Board for Puerto Rico has spent five years cutting essential services, while staying away from the “deep pocket” of tax incentives that represent 67.7% of the total expenses related to the commonwealth’s General Fund, even though whether they produce some economic or social benefit is unknown, according to an analysis […]
The Financial Oversight and Management Board for Puerto Rico announced that it reached an agreement in principle with several creditor groups to lower Puerto Rico’s debt to what it termed “sustainable levels” as a result of a mediation process. In tandem with the announcement, the Oversight Board asked the court to extend the deadline for […]
The Financial Oversight and Management Board for Puerto Rico (FOMB) has until Feb. 10 to present a Plan of Adjustment (POA), or at least a summary of the main terms thereof, to modify the central government’s debts with various groups of creditors. These debts include General Obligation bonds, bonds issued by the Public Buildings Authority, […]
The government of Puerto Rico “does not have the right mix of people to respond capably to new challenges of delivering effective, efficient public services with limited resources, and in an environment of technological transformation and increasing public expectations,” according to research by the Financial Oversight and Management Board for Puerto Rico’s Research and Policy […]
The Financial Oversight and Management Board for Puerto Rico approved a set of rules that “should substantially improve the government of Puerto Rico’s practices in purchasing goods and services and should prevent the irregularities and inefficiencies that have plagued the Commonwealth’s Rico’s procurement system for too long,” the regulatory body announced. The Uniform Regulation for […]
The Financial Oversight and Management Board for Puerto Rico announced it authorized a $185 million short-term liquidity facility to help Puerto Rico’s 78 municipalities offset the timing of expected receipt of property tax revenue due to the COVID-19 pandemic. The facility would be made by the Commonwealth of Puerto Rico to the Municipal Revenue Collection […]
Saying the priority at this time should be broader testing for COVID-19 in Puerto Rico, the Financial Oversight and Management Board for Puerto Rico urged “a gradual reopening of certain elements of the economy to contain the financial effect on the economy as a whole.” In a letter sent to Gov. Wanda Vázquez, Oversight Board […]
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