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Bankrupt Puerto Rico hit with new spending curbs by oversight board
Source: Reuters
BUSINESS NEWS JULY 1, 2019 / 7:22 PM / UPDATED AN HOUR AGO
Bankrupt Puerto Rico hit with new spending curbs by oversight board
Luis Valentin Ortiz
3 MIN READ
SAN JUAN (Reuters) - Puerto Rico’s federally created fiscal oversight board on Monday imposed a fiscal 2020 budget on the bankrupt U.S. commonwealth that for the first time limits spending choices by its government, according to the board’s executive director.
Natalie Jaresko said the $20.2 billion budget for the central government that includes $9.1 billion of general fund spending complies with the fiscal plan for the island, which filed a form of bankruptcy in 2017 to restructure about $120 billion of debt and pension obligations.
“It reflects the priorities of that fiscal plan - public safety, healthcare, education and the continued right-sizing of the government,” Jaresko told reporters.
She added that the budget for the fiscal year that began on Monday contains new “detailed” spending levels that will prohibit the government from moving money around to pay for things not in the fiscal plan like employees’ Christmas bonuses.
-snip-
Bankrupt Puerto Rico hit with new spending curbs by oversight board
Luis Valentin Ortiz
3 MIN READ
SAN JUAN (Reuters) - Puerto Rico’s federally created fiscal oversight board on Monday imposed a fiscal 2020 budget on the bankrupt U.S. commonwealth that for the first time limits spending choices by its government, according to the board’s executive director.
Natalie Jaresko said the $20.2 billion budget for the central government that includes $9.1 billion of general fund spending complies with the fiscal plan for the island, which filed a form of bankruptcy in 2017 to restructure about $120 billion of debt and pension obligations.
“It reflects the priorities of that fiscal plan - public safety, healthcare, education and the continued right-sizing of the government,” Jaresko told reporters.
She added that the budget for the fiscal year that began on Monday contains new “detailed” spending levels that will prohibit the government from moving money around to pay for things not in the fiscal plan like employees’ Christmas bonuses.
-snip-
Read more: https://www.reuters.com/article/us-usa-puertorico-budget/bankrupt-puerto-rico-hit-with-new-spending-curbs-by-oversight-board-idUSKCN1TW41F