The Puerto Rico Financial Oversight and Management Board has asked for comments by next Wednesday at 9 AM on the fiscal plan that Governor Alejandro Garcia Padilla (Popular Democratic Party) submitted October 14th, although New Progressive Party Governor-Elect Ricardo Rossello has said that he will submit an alternative plan.
In inviting comments, the Board distilled the Garcia Padilla plan, identifying the following among key elements —
- Current spending would be reduced nine percent.
- Revenue would increase nine percent.
- There would be new spending of $9.9 billion.
- $16.1 billion in additional Federal healthcare funding is assumed.
- $8.4 billion in additional revenue as a consequence of the plan.
- The net is a $15.4 billion deficit over 10 years if all debt is serviced.
The following is a link to the Board’s announcement/summary. http://www.juntasupervision.pr.gov/oversightboard/Documents/Fiscal_Plan_Comment_Form_11_9_2016.pdf
The Board had earlier indicated that it would hold a public hearing in Puerto Rico during mid-November. No final date for this hearing has been announced.