Puerto Rico Public Buildings Authority

The busts may weaken the the Rosselló administration as it struggles over fiscal policy with the Puerto Rico Oversight Board.

The Puerto Rico Treasury now expects 33.6% more revenue in the fiscal year than the original projection.

As Sunday's fiscal deadline approaches the legislature is hammering out a budget that's $500 million bigger than the Oversight Board's plan.

The overall recovery would be in the 36% to 38% range under its restructuring plan for $35 billion in bonds.

The Oversight Board called the deal to reduce cuts to retirees a "crucial step" toward restructuring $25 billion in bonds and loans.

A surplus this coming fiscal year will be used in following years for debt and pension payments, Executive Director Natalie Jaresko said.

Over the first 10 months of the fiscal year, General Fund net revenues are 11% above October projections.

Court filings cast doubt on repayment of an additional $5.1 billion in the territory's debt restructuring.

The board and the governor remain about $500 million apart on spending.

The anticipated surplus for fiscal years 2019 through 2013 has dropped to $11.6 billion from $15.1 billion, leaving less money for debt service and capital spending.

New expectations for disaster funding, gross national product growth rates, and population may change projections of money for debt.

The board wants to recover more than $1 billion in payments and fees on bonds it deems illegal.

The suits against non-bond creditors are a step in an effort to claw bank money that will extend to bondholders.

Democratic representatives hailed the decision, which averts an interruption of the effort to restructure the island's debt.

Board says it it will sue those who held at least $2.5 million of the challenged bonds from May 2013 to May 2017.

The board says it will file law suits seeking to claw back funds from bondholders before the end of Thursday, May 2.

Judge Swain's ruling complicates the Puerto Rico Oversight Board's effort to recover payments on $6 billion of bonds that the board deems to have been illegally sold.

Puerto Rico’s Federal Oversight Board is asking the U.S. Supreme Court to overturn a ruling that deemed its members unconstitutionally appointed.

They say that the Oversight Board has shown itself to be slow and obstructionist in attacking illegitimate bonds and prosecuting guilty parties.

Ambac and FGIC filed motions in support of the Puerto Rico Oversight Board's effort to declare illegal $6 billion of the commonwealth's bonds.