Key Updates - May 2024
Financial Oversight & Management Board for Puerto Rico
Working to provide Puerto Rico, its people, and businesses the stability and prosperity they deserve.
The Oversight Board Reaffirms its Support of Renewable Energy and PREB’s Independence?
The Oversight Board is 100% behind Puerto Rico’s renewable energy goals under Act 17. The Act 10 debate is not about net metering, but about PREB’s independence and ability to work without interference.?
While Puerto Rico is in the process of transforming its electrical grid, PREPA, the energy company, is still in bankruptcy. This bankruptcy is the result of decades of decision making based on politics, not facts and data that ended with $10 billion in debt, an unreliable grid, and reliance on dirty fuel.?Act 17 made PREB a truly independent energy regulator that can make decisions without the political interference that contributed to PREPA’s bankruptcy.?
“Much credit should be given for the spirit behind creating this independent regulator. The Legislature was smart in creating PREB. It was the right thing to do,” said Robert F. Mujica Jr. , Jr., Executive Director of the Oversight Board. Act 10 would impair PREB’s independence.?
Mujica explained the importance of Act 17 and PREB, and the Oversight Board’s position on renewable energy during his speech at the Puerto Rico Chamber of Commerce’s 2024 P.R. Innovation Expo.
UPR’s Base Budget for Fiscal Year 2025 Remains the Same and Includes Incentives ??
The Oversight Board is continuing to work with the Universidad de Puerto Rico (UPR) to reach its goals to enhance enrollment and improve services and infrastructure.?
The UPR’s starting budget of $1.13 billion for fiscal year 2025 is the same as the current fiscal year.?
Just like this year, the UPR can also access an additional $102 million, if it achieves certain goals on student, faculty, and infrastructure needs, such as improving student and academic services, and becoming more efficient.?
Oversight Board Supports an Efficient General Election Process
The Comisión Estatal de Elecciones de Puerto Rico proposed budget for fiscal year 2025 includes an increase of $7.5 million to support the 2024 general elections, for a total of $27.7 million compared to the $20.2 million received for the 2020 general elections.?
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Under the draft budget, the Commission will also have a $4 million reserve for unexpected election expenses, in addition to the $27.7 million.?
Elections are the foundation of democracy. The Commission will receive sufficient resources for an effective and efficient election process.?
Engagement with Stakeholders:
May 8, 2024 ?
Oversight Board Executive Director Robert F. Mujica Jr. gave a speech at the Camara de Comercio de Puerto Rico 2024 Innovation Expo event, highlighting, among other topics, the importance of sound fiscal management in driving the island’s economic recovery. After his speech, Mujica spoke with the Vice President of the Chamber of Commerce Che Julio Aparicio about the island’s demographics.
Listen to Mujica’s comments.
May 19, 2024 ?
The Oversight Board visited the Puerto Rico Science, Technology & Research Trust to learn about the important work the organization is completing. During the activity, Oversight Board Chairman David Skeel, Board Members Andrew Biggs and John E. Nixon, CPA , and Oversight Board Executive Director Robert F. Mujica Jr. learned about the Trust’s projects which focus on stimulating economic development by promoting startup businesses, research & development, and public health initiatives.
May 24, 2024 ?
Oversight Board member John E. Nixon, CPA visited the island municipality of Vieques and met with Vieques Mayor José Corcino Acevedo, to talk about the challenges that Vieques is facing and the economic development initiatives that could help boost its local economy.