Puerto Rico fiscal board publishes budget reapportionments online
SAN JUAN – The Financial Oversight and Management Board for Puerto Rico published Thursday an information dashboard online summarizing the budget reapportionment activity for fiscal years 2018 and 2019.
The publication follows a letter sent to the Director of the Office of Management and Budget, José Marrero, in which the board’s executive director, Natalie Jaresko, outlined several requirements of the board’s reapportionment review process and reiterated that the panel hopes to work with the administration to “enable swift decision-making and implementation of that process,” the release reads.
“The guiding principles include restricting the use of prior year appropriations, as well as budgetary or emergency reserves, cost sharing accounts or unallocated capital expenditures accounts, unless consistent with the purposes of those appropriations; limiting changes that affect the rightsizing targets in the New Fiscal Plan or that increase the aggregate amount of Government spending in the certified Budget; requiring supporting documentation of revenue sources and compatibility with rightsizing targets to unfreeze or increase any Special Revenue Fund; and calling for Notices of Awards of increased Federal Fund requests, among others,” the board recapped Thursday.
“We’ve endeavored to make this information available to the public in an effort to increase transparency and understanding of the budget process. Delivering a structurally balanced budget is one of PROMESA’s [Puerto Rico Oversight, Management, and Economic Stability Act] requirements and is a fundamental building block for the vibrant economy that will bring opportunities for all Puerto Ricans. The Board looks forward to ongoing collaborative work with the Government for the benefit of the people of Puerto Rico,” Jaresko said.
The board informed it will not, however, publish any reapportionment requests it believes “should remain confidential, e.g., those that would impact public safety.”