The Puerto Rico Oversight Board extended the deadline for Puerto Rico Gov. Ricardo Rosselló to submit a fiscal year 2018 budget by two weeks.
Board chairman José Carrión III told Rosselló that the board had originally set May 8 as the deadline for either the board approving the governor’s budget or notifying the governor of violations and providing a description of corrective actions.
“We have received a working draft of the proposed budget and are reviewing the submission and its completeness,” Carrión wrote Monday. “The board will provide the governor an additional 14 days to amend and improve the submission before it approves it or identifies violations.”
This would extend the deadline to May 22.
The fiscal year 2018 budget covers the period July 1, 2017 to June 30, 2018.
Rosselló’s working draft hasn’t been made public.
According to the board-certified fiscal plan, as of mid-March the board expected the government to take measures adding $924 million in revenues and cutting $951 million in expenses from Puerto Rico’s All Government Activities budget. Before the measures were taken, this budget was expected to be $18.98 billion, according to the plan. So the measures would amount to roughly 10% of the budget.
However, most of the measures would impact the General Fund, which is expected to have $9.1 billion in the current fiscal year, for comparison.
