Wednesday, July 18, 2018

Puerto Rico fiscal board postpones fiscal plans’ delivery deadline to Jan. 24

By on January 10, 2018

SAN JUAN — Puerto Rico’s financial control board confirmed late Wednesday that the revised fiscal plans for the central government, the Electric Power Authority (Prepa) and the Aqueduct & Sewer Authority (Prasa) do not have to be submitted to the panel and made public until Jan. 24.

According to a statement released by the board, the extension for the delivery of Prepa’s plan was at the request of the administration of Gov. Ricardo Rosselló Nevares. In the case of the central government and Prasa, the board determined they must be presented by the same date “and thus ensure the alignment of the assumptions and plans,” the board said.

Earlier Wednesday, the governor tweeted that it was the federally established fiscal board and not the government of Puerto Rico that sought to delay the publication of the commonwealth’s revised fiscal plan again.

“Our administration was ready to submit the fiscal plan of the central government today [Wednesday]. The fiscal oversight board requested that it be delivered in two weeks. If not, [the board] should let me know so we can deliver it and make it public today,” the governor stated.

Sources told Caribbean Business the delay could be in response to recent information about continuing uncertainty regarding certain variables within the plans, including the amount of federal funds the island could receive for reconstruction after hurricanes Irma and Maria.

It is the second deadline extension for the delivery of the three fiscal plans, after initially setting Dec. 22 as the original due date for the central government and the two public utilities.

Just before the Dec. 22 deadline, the board granted an extension until Wednesday, Jan. 10, to deliver the three documents.

According to the schedule set by the fiscal board, the intention is to certify the commonwealth, Prepa and Prasa’s fiscal plans by Feb. 23. The target date remains in place following the most recent extension, according to a letter sent Wednesday by the board to the commonwealth government.

As for the Government Development Bank (GDB), the Cooperatives Supervision & Insurance Corp. (Cossec by its Spanish acronym), the University of Puerto Rico (UPR) and the Highways & Transportation Authority (HTA), these must still submit their new fiscal plans to the board by March 9, with the aim of certifying them by April 20.

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