Puerto Rico will release a draft of its comprehensive annual financial report for fiscal year 2014 on Sunday or Monday, according to Puerto Rico House President Jaime Perell- Borrás.
Puerto Rico's fiscal year 2014 ended June 30, 2014. Most United States governments release their CAFR's within five to 12 months after the end of the fiscal year.
Republicans in the U.S. Congress have complained about Puerto Rico's failure to release the reports. Earlier this week U.S. Sen. Orrin Hatch, R-Utah, wrote a letter to Puerto Rico Gov. Alejandro García Padilla seeking the audited CAFR by March 1. He didn't specify whether a draft CAFR would satisfy his demand.
Hatch, who chairs the Senate Finance Committee, has set the end of March as a deadline to come up with a plan to help the commonwealth with its debt and fiscal crisis.
Puerto Rico government officials have said that Republican demands for the CAFR have been excuses for U.S. government inaction on Puerto Rico. Puerto Rico has released enormous amounts of financial information in the last several months, according to Melba Acosta Febo, the president of the Government Development Bank for Puerto Rico.
Accounting firm KPMG is working on the CAFR.
