Ensuring that only government workers who are working get paid is an important component of fiscal responsibility. In the past, the failure to connect attendance and payroll reflected serious fiscal mismanagement. It cost the people of Puerto Rico millions of dollars. That is why the Financial Oversight and Management Board for Puerto Rico, working with …
Time & Attendance Initiative Reaches Important Milestone Read More »
Buying a property is a big step in every home or business owner’s life. Making sure the property is properly registered in a timely manner may seem like a formality but is actually one of the most important steps in the process. Proper registration is required for property owners to prove and exercise their rights. …
Notable Progress in Reducing the Backlog of Property Registry Documents Read More »
The third amended Plan of Adjustment to end the bankruptcy of the Puerto Rico Electric Power Authority (PREPA) is a breakthrough and a significant win for the people of Puerto Rico. This Plan reduces more than $10 billion of total asserted claims by various creditors against PREPA by almost 80%, to the equivalent of $2.5 …
Puerto Rico’s economy continued to recover in fiscal year 2023, and its fiscal situation continued to stabilize following the Oversight Board’s successful reduction in debt payments. Focusing on fiscal discipline, through responsible budgeting, kept spending in line with revenues to prevent the Government from falling back into deficit. Stabilization, however, is not enough to move …
Fiscal year 2023 was in many ways one of great success – a turning point for Puerto Rico as we, the Financial Oversight and Management Board for Puerto Rico, together with the Government, shifted our focus from Puerto Rico’s debt to Puerto Rico’s economic future. We also welcomed our new Executive Director, Robert F. Mujica …
A quality health care system is a crucial element of economic success. That is why the Fiscal Plans and budgets the Oversight Board has certified since PROMESA was enacted included significant investments, over $400 million, in health. The certified budget for fiscal year 2024 includes more than $100 million for new investments ranging from structural …
Reliable electricity, clean water, and well-maintained roads are essential elements of Puerto Rico’s economic growth. The budgets the Oversight Board certified for the fiscal year 2024 that began on July 1, 2023, ensure vital investments in Puerto Rico’s infrastructure so roads, water, and energy systems improve. The budget for the Highways and Transportation Authority (HTA), …
Infrastructure Budgets Focus on Reliability, Financial Stability, and Investments Read More »
The members of the Financial Oversight and Management Board for Puerto Rico certified a new Fiscal Plan for the Puerto Rico Aqueduct & Sewer Authority (PRASA) focusing on addressing the agency’s historic challenges, including the loss of precious water, inaccurate water meters, and increasing costs of treating drinking water treatments. PRASA was already successful in …
PRASA Fiscal Plan: Roadmap to Preserving Water and Implementing Accurate Metering Read More »
Financial cooperatives in Puerto Rico, just like credit unions on the U.S. mainland, provide access to banking and financial services to individuals and businesses. Across Puerto Rico, access to these financial services is essential to economic development, mainly outside San Juan where banks have limited presence. The Public Corporation for the Supervision and Insurance of …
COSSEC Fiscal Plan: A Road Map to Strengthen Financial Cooperatives Read More »
The Government of Puerto Rico’s new modern salary structure, which was developed together with the Financial Oversight and Management Board for Puerto Rico as part of the ongoing Civil Service Reform, has brought competitive, market-based salaries to thousands of central government employees. A select list of jobs received a different compensation treatment. Those “hot jobs” …
