Puerto Rico Sales Tax Financing Corp (COFINA)

Island employment was up overall from 2020 figures.

The governor and the legislature are at odds on how to make the increases, which could affect more than half of the workforce.

The underestimate came as the board was concerned about the impact of COVID-19 on the island's economy.

The board recommended federal policymakers talk with Puerto Rico’s government about ways to increase pharmaceutical and medical products manufacturing on the island to expand economic development.

Revenues were also ahead through the first 11 months of fiscal 2021.

While the truckers returned to work Thursday night, their union said board interference could lead to a renewed strike.

The economic impact of the strike will depend on how long it lasts and how many truckers stick with it.

The $10.1 billion General Fund focuses on operational improvements, Medicaid reform, and enhancing tax compliance.

The board said the measures passed by both the Puerto Rico House and Senate would harm the economy.

Economists in Puerto Rico panned the proposal to raise the rate to $9 per hour saying it would hurt businesses.

Puerto Rico's government tells the court the Disclosure Statement should address the likelihood the legislature will not approve new bonds for the plan of adjustment since the plan cuts pensions.

Through the first nine months of the fiscal year, Sales and Use Tax collections are up 30% from the year earlier.

The Board will address several of Puerto Rico's authorities' fiscal plans and will have an update about PREPA's transition of its systems to the private operator, LUMA Energy.

While its budget does not include debt service, the executive director said she anticipated amending it in the coming fiscal year once the plan of adjustment is finalized.

While the 2020 number was down from the 2010 figure, it was still almost 10% greater than the Puerto Rico Oversight Board's estimate.

After statehood, Puerto Rico's legacy bonds would likely retain their current status, but analysts are mixed on how the market would receive new debt.

If sales and use tax revenues surpass May 2020 expectations, some bondholders would see increased payments.

Non-farm employment went up for three consecutive months.

The board also extended the deadline for two bond insurers to withdraw from the central government bond Plan Support Agreement.

Net revenues came in 21.6% ahead of Puerto Rico Oversight Board projections in the first seven months of the fiscal year.