The Fiscal Control Board (JSF) reported that it submitted to the Legislative Assembly a budget of $ 10 billion for the operation of the government during fiscal year 2021, which contemplates the economic effects of the pandemic caused by the COVID-19.
The fiscal entity indicated in a press release that its project proposes the postponement of fiscal adjustments for one year, with the intention that Puerto Rico can make the reforms to recover. The communication also notes that pensions are “insured” to the extent.
The JSF projection is that general fund expenditures will increase from $ 9.4 billion in fiscal year 2020 to $ 10 billion in 2021 due to investments in technology, public hospitals, and the reclassification of special income expenses.
“As a result of the crisis caused by COVID-19, a drop in general fund revenues is estimated to exceed 12%. That is, from the $ 116 billion that had originally been projected for fiscal year 2020, to $ 10.2 billion in fiscal year 2021. Likewise, fiscal year 2021 revenue is projected to be 5% lower compared to projected post-COVID-19 revenue of $ 10.7 billion in fiscal year 2020, “the JSF established.
According to the press release, the budget includes $ 675 million in investments, of this $ 450 million is for technological infrastructure, such as investments in the private sector to expand broadband Internet access. In the same way, the proposed budget -continues the document- contemplates an investment of $ 225 million for the health sector, such as the improvement of public hospitals.
The JSF included in the budget funds for the government’s WIPR, a group of radio and television stations, despite the fact that the body created by Congress recommended transferring it to a non-profit organization.
The Legislature has until June 24 to approve the budget, while the Board must certify it before June 30.
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