Puerto Rico Releases Long-Awaited Audited Statements

SAN JUAN — At 3 a.m. Friday, the Puerto Rico government released its audited financial statements for fiscal year 2014 after various setbacks and more than a year past its May 2015 deadline.

In a nutshell, the report — audited by KPMG — shows the significant fiscal distress affecting the central government and its instrumentalities, as well as the uncertainty over their ability to meet future obligations, including debt-service payments.

The filing of the long-awaited report takes place the same day $1.9 billion in debt payments hit the island and within 24 hours of President Barack Obama’s signing of the Puerto Rico Oversight, Management & Economic Stability Act (Promesa).

Not only does the island’s Comprehensive Annual Financial Report (CAFR) contain information for the one-year period ended June 30, 2014, but it also includes a discussion by the government of Puerto Rico about its latest fiscal matters, including the enactment of Promesa and Gov. Alejandro García Padilla’s debt-moratorium orders, both of which took place Thursday.

Officials stated about a month ago that a deal to write off about 40% of the more than $5 billion owed by the central government to the troubled Government Development Bank (GDB) paved the way for the release of the troubled bank’s audited report, and thus Puerto Rico’s CAFR.

A copy of the audited financial statements for fiscal 2014 may be found here.

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