The Financial Oversight and Management Board for Puerto Rico is focused on key priorities for Puerto Rico’s future in 2026.
These include the development with the Government of a consensual budget for fiscal year 2027, reforming budget processes with the Office of Management and Budget (OMB), increasing transparency and the data available to the Government and the public, among other goals.
Last year, the Oversight Board began working closely with the Government on the Commonwealth budget for fiscal year 2027. That work will continue with the goal of achieving a balanced budget by July 1, 2026, the beginning of the new fiscal year. To develop a balanced, fiscally responsible budget, the Government and the Oversight Board have begun implementing a co-leadership model in partnership with OMB.
This collaboration will continue in 2026, with the important goal of providing the Government with the knowledge, capacity, and tools that will help guide future fiscal and budget planning. Establishing long-term, fiscally responsible budget practices is essential for Puerto Rico’s economic stability and growth. That is why the Oversight Board and the Government will continue to work together to reform current processes and ensure that budget best practices are adopted.
Also, to continue to promote transparency and the availability of essential data for policy making, the Oversight Board will conduct its second annual Economic Forecasting Symposium in February 2026.
Considering the significant steps taken together with the Government in 2025, the Oversight Board is confident 2026 will be another successful year for Puerto Rico’s path towards fulfilling the mandate of PROMESA and for the fiscal stability the people and businesses of Puerto Rico depend on.
Oversight Board's 49th Public Board Meeting marks the launch of collaborative budget development
The Financial Oversight and Management Board for Puerto Rico held its 49th Public Board Meeting, focusing on the preparation of the budget for the next fiscal year 2027 and the transition to a government-led budget development process.
“We moved the budget process forward in significant ways: The Government and the Oversight Board have begun implementing a co-leadership model to develop a consensual budget in partnership with the Office of Management and Budget,” said Executive Director Robert F. Mujica, Jr. “That means initiating the transfer of knowledge, processes, and responsibilities for fiscal and budget matters to the Government.”
“This is an important milestone on the path to fiscal responsibility and to sustain long-term stability after the Oversight Board is gone,” Mujica said.
Mujica, Oversight Board Chair Arthur Gonzalez, and board members Betty Rosa, John Nixon, and Andrew Biggs were joined by the Oversight Board’s Budget Management Director Elisa Guardiola and the Director of the P.R. Office of Budget and Management (OMB) Orlando Rivera Berríos. Governor Jenniffer González Colón attended virtually.
Guardiola and Berríos discussed how the Oversight Board and the Puerto Rico Government have been collaborating to create a more transparent, fiscally responsible, and sustainable budget process and the steps toward transitioning oversight of P.R.’s budget from the Oversight Board to the Government.
Executive Director Mujica also discussed two important reports that provide an in-depth analysis of the Puerto Rico Electric Power Authority (PREPA): Review of Puerto Rico Energy System Expense Projections in the 2025 PREPA Fiscal Plan and the PREPA Employee Retirement System Analysis.
Mujica also stated that, together with the Government, the Oversight Board will work towards a shift in the Puerto Rico Department of Education (PRDE), from a centralized budget to a student-based budget.
To watch the 49th Public Board Meeting, click here.
Listen to the Executive Director’s remarks here.
Learn how the P.R. Government and the Oversight Board have been working together to transform P.R.’s budget process here.
Oversight Board reaffirms the importance of private operators' roles within Puerto Rico's electrical system transformation
Management of the Puerto Rico grid and power generation by private operators is a cornerstone of Puerto Rico’s energy transformation, the Financial Oversight and Management Board for Puerto Rico reaffirmed in response to the Government’s recent legal challenge to the contract with the private grid operator.
This transition is mandated by Puerto Rico Act 120-2018 and the PREPA Fiscal Plan and has been supported by every administration of the Government of Puerto Rico.
The Oversight Board emphasized that private-sector expertise is critical to achieving a modern, reliable energy system and that any modification or termination of the existing transmission and distribution contract must be handled in a way that avoids disruption and ensures continuity of service for Puerto Rico’s families and businesses.
Stakeholder engagement:
December 17, 2025
Oversight Board Deputy Executive Director Arnaldo Cruz and Workforce and Education Excellence Director Jesús González met with Deputy Secretary of Governorship Itza García and the Director of the P.R. Office of Human Resources Administration and Transformation Facundo Di Mauro to discuss the continued implementation of the Civil Service Reform.
The Government and the Oversight Board have been working since last summer on hiring strategies and talent management within public agencies, while implementing the modernization of existing compensation structures. The Government and the Oversight Board are working together to strengthen civil service and transform systems to support a capable, motivated, and well-managed government workforce.
December 11, 2025
Oversight Board member John Nixon and Executive Director Robert F. Mujica, Jr. met with organizations that support entrepreneurs in Puerto Rico.
Representatives of the Entrepreneurs’ Organization (EO) Puerto Rico, Endeavor Puerto Rico, Grupo Guayacán, and ConPRmetidos discussed the Oversight Board’s work and priorities as well as ways to strengthen the entrepreneurial spirit, train and educate a talented workforce, and support Puerto Ricans who moved away to return to the Island.
December 10, 2025
Oversight Board member John Nixon and Executive Director Robert F. Mujica, Jr. met with representatives of the Puerto Rico Chamber of Commerce, Hecho en Puerto Rico, and the Bank Association of Puerto Rico.
They discussed the Oversight Board’s work and priorities, including its work with the Government on the budget for the next fiscal year 2027 and the critical reforms that will transform the budget process to support lasting fiscal stability for Puerto Rico.
December 10, 2025
Oversight Board member and NY State Commissioner of Education Dr. Betty Rosa visited the PRDE to meet with Education Secretary Eliezer Ramos Parés and his team.
Commissioner Rosa, Secretary Ramos, Oversight Board Deputy Executive Director Arnaldo Cruz, and Oversight Board Workforce and Education Excellence Director Jesús González talked about topics affecting education both in Puerto Rico and New York, including the challenges in each jurisdiction and best possible solutions, the education budget processes and legislative processes that affect each, and the use of cell phones and AI in schools.
December 9, 2025
Oversight Board members Andrew Biggs, John Nixon, and Betty Rosa, and Executive Director Robert F. Mujica, Jr. met with leaders from United Way of Puerto Rico, Boys and Girls Club of Puerto Rico, and Banco de Alimentos to discuss the role and funding of nongovernmental organizations (NGOs) in supporting communities across the Island. The Oversight Board remains committed to working with nonprofits that improve the wellbeing of the people of Puerto Rico.
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