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Wednesday, November 30, 2022

Fiscal Oversight Board passes to the Legislature and certifies its budget for the next financial year

The Fiscal Oversight Board (JSF) certified today, Thursday, a $28,000 million consolidated budget for the government of Puerto Rico for the next fiscal year.

“After years of shortfalls that resulted in insufficient funding for critical services, Puerto Rico can now make significant investments to improve the quality of life for Puerto Rico residents and businesses,” said the Chairman of the Oversight Board, David Scheel,

“This budget not only prioritizes critical services, which are so vital to the life of every Puerto Rican, but also provides investment and stability to the government that will boost the economy,” the president argued in written expressions.

Approved by the board, which will take effect tomorrow, Puerto Rico’s government is made up of a general fund budget of $12.4 billion for daily operations, a $4.5 billion special revenue fund for private use, as well as $11.2 billion. Funding from the United States federal government.

Through a press release, members of the financial unit said that the consolidated budget for 2023 guarantees the funding of public services, as well as priorities established between them and the government, including $5.5 billion for public health and $4.6 billion for education. Billion included.

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The proposal includes $3.1 billion for families and children, $2.6 billion for retired public employee pension payments (PayGo), $1.3 billion, mostly to protect future public pensions from economic uncertainty, and $1.1 billion for debt-related obligations. Huh. In addition, the certified budget includes a significant investment in the government’s ability to provide effective services to the people of Puerto Rico.

With respect to the University of Puerto Rico (UPR), the certified budget includes an increase of $58 million pursuant to Law 53-2021, in addition to $40 million, of which $20 million must be to ensure campus accreditation requirements. medical science.

In fiscal year 2023, Puerto Rico’s municipalities will have access to $2.4 billion in funding, including stimulus money from the federal government. There are $40 million in items included as “one-time subsidies” to offset the effects of recent inflationary pressures.

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“Investing in Puerto Rico’s revitalization and infrastructure strengthening will boost the island’s economy and expand opportunities for residents”Scheel said.

The budget includes $387 million in wage increases for public employees, additional positions and other personnel-related initiatives, and $322 million in infrastructure investments, primarily highways.

the governor reacts

“It is unfortunate that the legislative process relating to the budget of the Union Government was very controversial and took a very long time. The majority legislative leadership wasted the opportunity to pass a board-certified budget that included the priorities we identified for the benefit of the people. My administration managed to get the board to include many of our public policy initiatives that are positive for Puerto Rico, but other important ones were definitely missing. However, our people can be sure that we will continue to fight and work for the good of all on our island,” Governor Pedro Pierlusi said in a written quote.

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