The Puerto Rico Oversight Board directed six of the island's public entities to develop and present fiscal plans.
The board made its direction to the Puerto Rico Aqueduct and Sewer Authority, Puerto Rico Electric Power Authority, Government Development Bank for Puerto Rico, Puerto Rico Highways and Transportation Authority, Public Corporation for Supervision and Insurance of Cooperatives (COSSEC), and the University of Puerto Rico.
In addition to overseeing the commonwealth government proper, the board has named itself the overseer of 24 public entities in Puerto Rico. When it voted 7-0 Friday to seek fiscal plans from the six, it didn't provide an explanation as to why it was seeking plans from those entities in particular.
In response to inquiries PRASA said it was creating a 10 year plan for the board and that it was unsure when it would submit it.
"PREPA is beginning the process of preparing the fiscal plan as required by the Oversight Board," said Javier Quintana, executive director, in an emailed statement. "According to PROMESA, the fiscal plan should span at least 5 years. Because the Oversight Board has not yet set a deadline, PREPA does not know when it will be required to be completed."
COSSEC wasn't contacted and the other entities didn't respond to inquiries about fiscal plan creation.
The board also directed all of its covered entities to not carry out "out of the ordinary" financial transactions without prior board approval. This would include debt transactions or bond sales, Board Chairman José Carri-n said.
On Friday Carri-n discussed the timing of the board's approval of the instrumentality and commonwealth fiscal plans. Gov. Alejandro García Padilla presented the commonwealth's fiscal plan to the board Friday morning.
After the governor's talk "the board will confer with him about the central government and instrumentality plans," Carri-n said earlier. "Then the board will seek public comment and consult with the government about the schedule for bringing their plans to eventual approval and certification."
Subsequently, the board will give the governor a schedule for the process of submission, approval, and certification of the fiscal plans, Carri-n said.