Sunday, October 21, 2018

Fiscal board demands audited Puerto Rico financials, university liquidity reports

By on May 2, 2018

SAN JUAN – The Financial Oversight and Management Board has asked Gerardo Portela, head of the Puerto Rico Fiscal Agency and Financial Advisory Authority, to provide a timetable for the issuance of the commonwealth’s audited financial statements from 2015 to 2017.

The petition comes 20 months after the fiscal oversight board took office. Bondholders and creditors have demanded the reports for the past three years.

In a letter dated April 30, the fiscal board also required supplementary information for fiscal years 2015 to 2017 by May 7.

Meanwhile, in another letter, addressed to Darrel Hillman, interim president of the University of Puerto Rico, the fiscal board sought a “detailed explanation” of “current impediments to cash and liquidity reporting,” as well as a proposal with a “timeline and key milestones to achieve weekly reporting”  by May 7.

Gov’t: Audited Statements Should Be Ready in about 6 months

The information was required to be submitted by March 30, the board reminded  Hillman, adding that the UPR has failed to provide any of the information requested and has not “complied with the reporting cadence” of the Component Units Report.

“Any failure to voluntarily provide this information could result in the Oversight Board issuing an order for such reports pursuant to Section 104(c)(2) of PROMESA. Failure to comply with such order would expose the responsible officer or employee to potential administrative disciplinary measures contemplated in Section 104(l)(2), which states that ‘any officer or employee…who knowingly and willfully violates…any action required by such order… shall be subject to appropriate administrative discipline, including (when appropriate) suspension from duty without pay or removal from office, by order of the Governor,'” reads the board’s letter.

 

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