Thursday, November 21, 2019

Puerto Rico gov’t asks fiscal board for more time to present 2019 budget

By on April 26, 2018

SAN JUAN – The executive director of Puerto Rico’s Fiscal Agency and Financial Advisory Authority (Aafaf), Gerardo Portela, on Thursday asked the island’s fiscal oversight board to readjust the timetable for the development, approval and certification of the government’s fiscal year 2019 budget.

According to the agency’s press release, in his letter to the board created by Congress under the Promesa law, Portela says that since the certification of the government’s fiscal plan was delayed, the original calendar established by the board was no longer viable.

Fiscal board establishes plans for Puerto Rico and its power and water utilities

In February, the fiscal panel set April 16 as the deadline for the government to submit the draft budget. In addition, the board established April 2 to submit the revenue estimates to the government, but neither occurred. The agency certified the government’s fiscal plans on April 19 and 20.

“In this way, the head of Aafaf urged the board to provide, as soon as possible, the estimated revenue for the next fiscal year, as required by Promesa,” the official said in a statement.

In addition, he asked that a “reasonable” calendar be established to provide the government enough time to develop a draft budget for fiscal 2019.

Portela said the letter also requests readjustments to the budget calendars of several public corporations.

Puerto Rico fiscal plan includes substantial public payroll cut

–CyberNews contributed to this report.

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