Tuesday, September 18, 2018

Puerto Rico oversight board gives gov’t more time to revise fiscal plans

By on June 28, 2018

SAN JUAN – The Financial Oversight and Management Board for Puerto Rico announced that it will “allow more time to complete required technical and macroeconomic changes to the Commonwealth Fiscal Plan with updated information, which in turn must be reflected in the Commonwealth’s Budget for Fiscal Year 2019.”

In Thursday’s release, the board also announced that it has canceled the public meeting it had scheduled for Friday.

Saying that although the board “willingly” extended deadlines to “allow continued work with the Government,” Chairman José Carrión added that the board’s 14th public meeting would be moved to another date “due to the constrained timeline required by the additional efforts made with the Administration, as well as the Legislature’s failure to approve the important component of the Labor Reform package included in the certified Fiscal Plan for Puerto Rico, namely the repeal of Law 80.”

The fiscal panel expects the “the necessary work,” including that the Legislature submit next fiscal year’s General Fund budget, by the end of the “fiscal year deadline on Saturday, June 30th,” Carrión added.

The board said “many of the changes that will be made to the fiscal plan will need to be reflected in the fiscal plans of some of the principal instrumentalities of the Government of Puerto Rico. For some instrumentalities, those changes to the economic models can be made….”

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