Sunday, September 25, 2022

Lawmaker ‘Confident’ in 2nd Budget Pact with Board

By on June 4, 2022

Budget Committee Chair Seeks Middle Ground with Gov’t, FOMB Proposals

The chairman of the House Treasury and Budget Committee said he was “confident” that lawmakers will come to an agreement with Puerto Rico’s Financial Oversight and Management Board (FOMB) to approve the second FOMB-certified commonwealth budget by the end of the current legislative session on June 30, despite the oversight board rejecting Gov. Pedro Pierluisi’s larger budget proposal.

The oversight board flagged over $100 million in budget items in the governor’s proposed $12.57 billion general fund budget for fiscal year 2023, beginning on July 1. Even after the administration submitted a revised budget proposal, the oversight board determined that it still did not comply with section 202(c)(2) of the Puerto Rico Oversight, Management and Economic Stability Act (Promesa), which requires the fiscal panel to “determine in its sole discretion” whether each proposed budget is “compliant with the applicable Fiscal Plan,” and approve its own proposal if the commonwealth’s plan falls short.

To read the entire story subscribe now to our epaper at caribbeanbusiness. com

You must be logged in to post a comment Login