Puerto Rico Public Buildings Authority

But it still remains slightly higher than it was a year ago.

The board says the law will reduce economic activity and government revenues.

Although he called them "excessive and arbitrary," Gov. Pedro Pierluisi agreed to create a reserve fund, reduce the maximum conservation easement tax credit, and freeze implementation of a physician tax incentive.

Revenues were 14.4% higher than those in the previous fiscal year.

The Oversight Board told Gov. Pedro Pierluisi he must take steps to make sure it's revenue neutral or it could block the new tax.

While a smaller population could be economically negative, the revised count lowers the median age, which would be positive.

The indictment of Wanda Vázquez is the latest in a series of corruption charges against Puerto Rico politicians over the last 18 months.

Revenues for the first 11 months of the fiscal year outpaced the Oversight Board's 12-month expectations.

Several U.S.-based Puerto Rican diaspora groups call for full debate of the proposed status plebiscite and possible amendments to it.

The ruling means the Puerto Rico government will have $400 million less in its coffers.