Puerto Rico Government Releases Financial Statement for Fiscal Year 2016, Affirms Commitment to Transparency
San Juan – The Puerto Rican government, in keeping with the Rosselló administration’s commitment to transparency, today released its audited financial statement for fiscal year 2016, as required by the Fiscal Oversight and Management Board created by Congress as a result of PROMESA.
The Puerto Rico Secretary of the Treasury, Raúl Maldonado, said the catastrophic events the island faced in 2017 and its effects on the Treasury’s IT infrastructure were major challenges in the process.
As the debt restructuring proceedings under PROMESA’s Title III progressed and agreements were reached, the government’s projections had to be reworked as a result, further delaying the completion of the reports.
In fiscal year 2016, Puerto Rico’s revenue versus expenditures saw a difference of $2.5 billion. Meanwhile, sales tax revenue increased.
The government accumulated deficit stood at $70.3 billion, primarily as a result of debt accrued by public servants’ retirement programs. These programs have a combined debt of $42 billion, which is the total amount of funds the government’s retirement plans should have if it were to pay its responsibilities in full.
The Puerto Rico Treasury estimates it will release financial statements for fiscal year 2017 between September and October, while data for 2018 will be handed over to the Oversight Board by March next year.
“Healthcare, education and safety are priorities for us”, said Treasury Secretary Raúl Maldonado, “This is not negotiable.”
“In keeping with our promise of transparency and to ensure accountability, we are working towards complying with any and all requirements set forth by Congress. In the coming months and years, we will continue to deliver the government’s financial statement as we strive to generate savings that will ensure a healthy economy for the benefit of all Puerto Ricans”, said Anthony Maceira, Public Affairs Secretary for the government of Puerto Rico.
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