Oversight Board says Puerto Rico complied with demands for fiscal data

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Puerto Rico’s Oversight Board said it welcomed the local government’s release of fiscal information required by the board-approved fiscal plan.

On July 10 the board had sent a letter to Gerardo Portela Franco, executive director of the Puerto Rico Fiscal Agency and Financial Advisory Authority, complaining that the local government had failed to submit documents. These included documents comparing the General Fund budget to actual spending; PayGo balances; and public employee payroll, headcount, and attendance.

The board said that according to the approved fiscal plan the first two documents had been due on May 31 and the third had been due on June 30.

FAFAA released the PayGo report on July 17 and the other two reports on July 27.

“The Oversight Board welcomes the publication of the General Fund to Actual Report, the Human Resources Report and the Payroll Report,” said Natalie Jaresko, board executive director. “Full monthly public reporting is essential to increase transparency of government finances, increase accountability, and monitor compliance and progress as per the fiscal plan and budget objectives in order to eliminate Puerto Rico’s structural deficits.

“The Oversight Board is committed to continuing this important work of monitoring full compliance by the government with reporting requirements, in order to achieve PROMESA’s mandate of restoring fiscal responsibility and market access to Puerto Rico.”

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