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Fiscal board announces open meeting next week in Puerto Rico

By on October 27, 2017

SAN JUAN – Puerto Rico’s fiscal control board announced Friday that it will
hold its 10th open meeting—its sixth in Puerto Rico—on Tuesday, Oct. 31 at 8:30 a.m. Eastern Time at the Puerto Rico College of Engineers and Land Surveyors in San Juan.
The meeting will take place at a time when the administration of Gov. Ricardo Rosselló Nevares and the governing body created by Promesa are engaged in a new dispute, this time about the board’s intent to take control over the Electric Power Authority (Puerto Rico).Contrary to previous occasions, the agenda of the event will not be public until the day before the meeting.

However, Reorg Research, a news service that specializes in distressed-debt, reported Friday that at the meeting, board members plan to ask the government to submit a new fiscal plan by Jan. 30.

In addition, there will be government presentations on Puerto Rico’s financial state, its condition after Hurricane Maria, including the recovery efforts that are being carried out, as well as a preliminary report on storm-related damages.

Likewise, the board-proposed “chief transformation officer” for the Puerto Rico Electrtic Power Authority (Prepa), Noel Zamot, is also expected to give a presentation. Finally, the draft of the agenda published by Reorg Research includes a board report on the investigation underway into the island’s public debt.

Puerto Rico electric utility rejects fiscal board’s intention to appoint ‘chief transformation officer’

As for the government’s fiscal plans, the fiscal panel will request delivery, by Nov. 30, of revisions to the plans for the Aqueduct and Sewer Authority, Highways Authority, Government Development Bank, University of Puerto Rico and the Cooperatives Supervision & Insurance Corp. (Cossec by its Spanish acronym).

On Thursday evening, the board asked federal judge Laura Taylor Swain to authorize Zamot to assume “all the powers of a chief executive officer” at Prepa.

The powers would include the supervision and direction of all employees, officials and agents of the public corporation. Zamot would consult his decisions with the government, whenever “appropriate.”

The Rosselló administration lashed out against the board, saying it does not have the faculty to assume governance of public power utility, adding it will defend its position in federal court.

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