Puerto Rico's newly implemented tax-debt trust will help it fill a $1 billion deficit within the $9.48 billion fiscal 2009 operating budget. But administration officials say they may tap into other funding options, including possibly leasing the island's lottery system, if the trust generates fewer than $1 billion of revenue to close the budget gap.
Gov. Anibal Acevedo Vila this past weekend signed the fiscal 2009 operating budget into law, with that fiscal plan including a potential special obligation bond sale and-or a possible loan from the Government Development Bank for Puerto Rico if the tax-debt trust fails to produce at least $1 billion to offset the island's structural deficit. The Legislature, which is controlled by the New Progressive Party, added the potential bonding sale and tapping into GDB funds to the operating budget after removing the governor's lottery concession proposal.