The Financial Oversight and Management Board for Puerto Rico notified Gov. Ricardo Rosselló and the Legislature that the compliance certification issued by government Aug. 1 regarding the recently passed Act 47, failed to provide the required formal estimate of the law’s fiscal impact.
The majority of Puerto Rico’s 78 municipalities are in dire financial conditions, with more than half carrying deficits on their general funds, the Center for Integrity in Public Policy (CIPP) revealed in its third annual Financial Health Index.
During the last few years we have all been at times crushed by that uneasy feeling caused by this extended recession, and more recently by the passage of the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA") of 2016, both of which continue to hover over our daily life as an unwelcome guest that has prolonged its visit longer than expected, refusing to leave.
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