Tuesday, November 12, 2019

Puerto Rico fiscal board sends highway authority budget back to gov for revision

By on June 25, 2018

SAN JUAN – Puerto Rico’s Financial Oversight and Management Board informed the commonwealth government Monday that the fiscal 2019 budget it submitted for the Highways and Transportation Authority (HTA) on May 25 is not compliant with entity’s fiscal plan.

The board said the submitted HTA budget does not account for additional toll proceeds from increasing toll rates on existing toll roads. Consequently, toll revenues are understated relative to the HTA’s fiscal plan.

The board said the governor must submit a revised budget by June 26, including the HTA’s Governing Board resolution in electronic format with its supporting documentation authorizing the revision.

Were the governor not to submit a compliant budget by that date, the board said it would submit its own, “compliant,” budget to the governor on June 29.

“The Oversight Board looks forward to reviewing a revised budget that it hopes it can determine is compliant with the HTA Fiscal Plan,” the board’s letter reads.

In a release issued shortly after the letter was published, the board said it will hold a public meeting to review and certify fiscal year 2019 budgets for Puerto Rico and certain instrumentalities on June 29.

The board will hold its 14th public meeting at the Symphony Hall of the Luis A. Ferré Performing Arts Center.

The meeting will livestreamed starting at 8:30 a.m via the board’s website, www.oversightboard.pr.gov, where those interested in participating have until June 27 at 5 p.m. to complete the preregistration form.

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