Governor signs first balanced budget in 22 years

July 1, 2014 – La Fortaleza, San Juan - Governor Alejandro García Padilla signed the bills that make up the first balanced budget of the Commonwealth of Puerto Rico in 22 years. The estimate of expenditures for the fiscal year 2014-2015, that starts today, with the General Fund, amount to $9.565 million. While, the consolidated budget totals $28,127,000.

“This budget will serve as a basis for Puerto Rico’s Recovery Agenda. For the first time in more than two decades, the expenditures will be in line with revenues. We have achieved this without laying off public employees, nor new taxes,” said García Padilla.

The General Fund budget includes $4.915 million for regular operating expenses of government agencies of the Executive, Legislative and Judicial branches. Also has $3.875 million for special appropriations and $775 million for debt service. This budget represents a reduction of $205 million compared with the previous fiscal year. However, the Commonwealth assumes full payment of its bonds, with an increase in excess of $580 million, by cutting costs elsewhere, including savings in payroll and purchased services.

“This budget is the best instrument to address priority areas of my administration, like education, health and safety, while still seeking to create jobs and investment in Puerto Rico,” said the Governor.