Fiscal Management & Responsibilities
PROMESA, the Puerto Rico Oversight, Management, and Economic Stability Act of 2016 enables Puerto Rico to restructure its debt and achieve fiscal responsibility. PROMESA established the Financial Oversight and Management Board for Puerto Rico to assist the Government of Puerto Rico and its instrumentalities in managing their finances.
PROMESA provides the Oversight Board with three tools to help achieve fiscal responsibility:
- The creation of a Fiscal Plan
- Oversight over Puerto Rico’s budget
- Contract oversight to ensure government contracts conform within the Fiscal Plan and Budget.
This Policy applies to any contract that is proposed to be entered into by the Commonwealth (which includes the Executive, Legislative and Judicial branches of government) or any covered instrumentality at the discretion of the Oversight Board.
Click to access the Government Reporting Dashboard. In order to effectively track compliance with the Certified Fiscal Plans, the Oversight Board established a series of reporting requirements to provide transparency into the Government’s financial management and to monitor implementation of the measures in the Fiscal Plans.
The Financial Oversight and Management Board for Puerto Rico and the Government of Puerto Rico are working together to improve the process of recording and compensating government employees for their time worked.