San Juan, PR – July 1, 2026 – The Financial Oversight and Management Board for Puerto Rico today issued the following statement:
On June 30, 2026, the Oversight Board announced that it had certified a revised budget for the Commonwealth of Puerto Rico for the fiscal year 2026, which ended that day. This revised budget reflects an amendment to the previously certified fiscal year 2026 budget to program unbudgeted revenues as a normal part of the year end budget closeout process. The revised budget for the fiscal year 2026 is unrelated to the budget for fiscal year 2027, which the Oversight Board had previously certified.
The revised fiscal year 2026 budget was developed by the Oversight Board because the Governor and the Legislative Assembly never officially submitted a revised budget for the Oversight Board’s certification within the timeline communicated to the Government under Section 202(a) of PROMESA. In fact, as of the evening of June 30, 2026, the close of the fiscal year, there was no agreement on amendments to the revised fiscal year 2026 budget. Therefore, the Oversight Board certified a revised fiscal year 2026 budget that is complaint with the Fiscal Plan for Puerto Rico as is the final budget for fiscal year 2026.
At issue was not the level of Government expenditure. Rather, the Governor and the Legislative Assembly did not reach a consensus on certain issues, which stalled the process of proceeding to a jointly developed revised budget for fiscal year 2026. The fiscal year 2026 revised budget the Oversight Board certified was and continues to be a budget that could qualify as compliant with the conditions for the Oversight Board’s termination under Section 209 of PROMESA if the Commonwealth’s independent financial audit determines that the fiscal year 2026 was balanced under modified accrual accounting standards, as required under PROMESA.