Oversight Board convenes Symposium on Puerto Rico’s Fiscal Future to strengthen long‑term budget reform
Puerto Rico has come a long way from the fiscal crisis that led to the enactment of PROMESA. So, what is next? For A Better Plan: Symposium on Puerto Rico’s Fiscal Future – State Budget Tools, Principles and Practices, FOMB invited budget directors from five U.S. states to San Juan to share their experiences with the building blocks of successful fiscal planning and budgeting that support long term recovery and Puerto Rico’s ongoing fiscal transformation.
The National Association of State Budget Officers (NASBO) sponsored the event at the Puerto Rico Convention Center.
Oversight Board Executive Director Robert F. Mujica, Jr. said as he welcomed an audience of more than 200: “The dialogue that we are having today, the best practices that we will be discussing today, the solutions that we will explore today, these are important elements of advancing more sustainable and effective budgeting practices as part of Puerto Rico’s ongoing fiscal transformation”.
The expert panelists shared practical tools and lessons that states use to maintain credibility with capital markets and keep budgets stable through economic and political cycles. They emphasized the importance of embedding reforms into law, protecting reserves with transparent criteria, maintaining multi‑year financial plans, and using firm fiscal guardrails to prevent overspending. The practices discussed—standard across high‑performing states—are also the expectations of credit analysts and investors.
During their opening remarks, Oversight Board Member John Nixon and Oversight Board Fiscal Transformation Director Juan Carlos Blanco discussed Puerto Rico’s exit from bankruptcy and the ongoing budget transformation. Oversight Board Budget Management Director Elisa Guardiola and Puerto Rico’s Office of Management and Budget (OMB) Director Orlando Rivera Berríos highlighted the collaborative work between the Government and the Oversight Board.
Nixon and Blanco led panels, along with Oversight Board Member Andrew G. Biggs and NASBO Executive Director Shelby Kerns.
Puerto Rico Governor Jenniffer González Colón and Treasury Secretary Ángel Pantoja Rodríguez spoke to reaffirm their commitment to implementing budget reform that strengthens the Island’s financial management, safeguards public services, and improves Puerto Rico’s standing with capital markets.
The Symposium underscored that the reforms Puerto Rico is implementing are aligned with proven national standards. With continued discipline and collaboration, Puerto Rico is well positioned to secure a resilient fiscal future.
To watch the Symposium on Puerto Rico’s Fiscal Future, click here.
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Aligning the fiscal year 2027 budget with long-term reform
The Government of Puerto Rico and its instrumentalities are in the final stages of preparing and presenting their budgets for fiscal year 2027, a process that represents another important step toward establishing the budgeting system Puerto Rico needs: a reliable and transparent system that follows budgeting best practices in the long term.
Effective budgets must be grounded in realistic revenue projections and responsible planning to keep essential public services operating.
To ensure long-term fiscal stability, the fiscal year 2027 budget must not only be balanced; it should also follow the budgeting reforms the Oversight Board and the Government have been implementing together and the budgeting best practices that have been tried and proven successful in several U.S. states, including developing improved economic and revenue forecasting, building reserves, maintaining a clear separation between operating and capital investments, and applying modified accrual accounting standards.
These reforms are essential for creating a framework that allows the Government to maintain balanced budgets and manage multi‑year financial plans once Puerto Rico transitions to a post-PROMESA environment.
By aligning the fiscal year 2027 budget with these best practices, Puerto Rico strengthens its path toward a sustainable budget process that endures well after the Oversight Board has completed its mandate and ensures dependable public services for years to come.
Oversight Board launches Summer Internship Program
The Oversight Board’s inaugural Summer Internship Program is set to offer Puerto Rico’s undergraduate and graduate students a meaningful opportunity to engage directly with issues shaping the Island’s future.
This new initiative provides participants with practical experience across areas such as data analysis, public policy, communications, and government operations. Interns will collaborate with Oversight Board professionals to develop valuable skills and contribute to efforts aimed at strengthening government processes.
“At the Oversight Board, we perform analytical work, recognizing that behind every amount, every datum, every number, there is a citizen, there is your family, and there is my family”, said Oversight Board Implementation Manager Soniemi Rodríguez.
The selection process is currently underway following the May 1 application deadline. The program will run from June 15 through August 7.
This internship program represents an important investment in developing Puerto Rico’s next generation of talent—equipping students with real‑world tools and experiences that will support their academic and professional growth.
Stakeholder engagement:
March 16, 2026
Oversight Board Executive Director Robert F. Mujica, Jr. participated in the 2026 Puerto Rico Real Estate Summit, where he emphasized the vital role real estate plays in Puerto Rico’s path from stability to sustainable growth.
He also discussed budget reform. For many years after PROMESA was enacted, the focus was on managing the fiscal crisis, followed by a phase of stability after completing the Government debt restructuring, he said.
“Now we enter yet another phase: strategic budgeting. The focus shifts from managing stability to planning the future, aligning resources with Puerto Rico’s long-term goals and strategic priorities rather than relying on short-term annual spending,” Mujica said.
March 26, 2026
Oversight Board Executive Director Robert F. Mujica, Jr. joined regional leaders at Southern Puerto Rico Economic Development District (SPREDD) and the Cámara de Comercio del Sur’s CumbreSUR 2026 to discuss Puerto Rico’s path forward, from long-term fiscal stability to economic development and other critical elements to building a stronger, more resilient Puerto Rico.
“There is no sustained economic development without fiscal stability,” Mujica said. “And there is no fiscal stability without economic growth. They are the same goal”, Mujica stated.
April 6, 2026
Oversight Board Education and Workforce Excellence Director Jesús González joined the Secretary of Education Eliezer Ramos Parés to discuss student-based budgeting with educational leaders. Among the topics that were discussed is how the student-based model allocates resources where they are needed most while improving equity and how the model could potentially deliver stronger educational outcomes for students across Puerto Rico’s public school system.
April 14, 2026
Oversight Board Fiscal Transformation Director Juan Carlos Blanco joined political analyst Jorge Colberg on Pelota Dura to explain the requirements the Government must meet for the Oversight Board to certify the budget as compliant with the Fiscal Plan for Puerto Rico, along with the measures currently being implemented to advance budget reform.
April 15, 2026
Oversight Board Executive Director Robert F. Mujica, Jr. joined radio talk show host Enrique ‘Kike’ Cruz on WKAQ en la tarde, where he discussed topics such as Puerto Rico’s fiscal and policy challenges, permit reform, energy, federal healthcare funding, and the Government’s current budget development process.
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