Wednesday, September 23, 2020

Puerto Rico government’s Treasury Single Account continues to grow

By on August 8, 2018

SAN JUAN – Puerto Rico’s Treasury Single Account (TSA), which is the government’s main account, continues to grow.

As of July 27, it had $3.4 billion, according to a report issued by the island’s Fiscal Agency and Financial Advisory Authority this week. The TSA reflected total inflows of $2 million but total outflows of $1.9 million as of July 13.

The TSA had $2.99 billion balance on July 13, thus the latest report reflects an increase of about $500,000.

Receipts in the TSA include tax collections (including revenues assigned to certain public corporations and pledged for the payment of their debt service), charges for services, intergovernmental collections (such as reimbursements from federal assistance grants), the proceeds of short- and long-term debt issuances “held in custody by the Secretary of Treasury for the benefit of the Government fiduciary funds,” and other receipts.

Only a portion of the account is included in the annual General Fund budget presented to the Puerto Rico Legislative Assembly for approval. Other revenue that flows through the TSA is separately assigned to certain agencies or public corporations.

Disbursements from the TSA include payroll and related costs, vendor and operational disbursements (including those reimbursed by federal assistance grants and funded from Special Revenue Funds), welfare expenditures, capital outlays, debt service payments, required budgetary formulas and appropriation payments, pass-through payments of pledged revenues to certain public corporations, tax refunds, payments of current pension benefits, and other disbursements.


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