188:(OGP in Spanish), formulates the budget he believes is required to operate all government branches for the ensuing fiscal year. He then submits this formulation as a budget request to the Puerto Rican legislature before July 1, the date established by law as the beginning of Puerto Rico's fiscal year. While the constitution establishes that the request must be submitted "at the beginning of each regular session", the request is typically submitted during the first week of May as the regular sessions of the legislature begin in January and it would be unpractical to submit a request so far ahead. Once submitted the budget is then approved by the legislature, typically with amendments, through a
31:
640:
722:
715:
709:
703:
633:
627:
621:
160:
Both budgets contrast each other drastically, with the consolidated budget being usually thrice the size of the general budget; currently $ 29B and $ 9B respectively. Almost one out of every four dollars in the consolidated budget comes from U.S. federal subsidies while government-owned corporations
177:(PRASA; the government monopoly that controls all water utilities on the island) reported losses of $ 112M. All these losses were defrayed through the issuance of bonds compounding more than 40% of Puerto Rico's entire public debt today. Holistically, from FY2000–FY2010 Puerto Rico's debt grew at a
164:
The critical aspects come from the sale of bonds, which comprise 7% of the consolidated budget; a ratio that increased annually due to the government's inability to prepare a balanced budget in addition to being incapable of generating enough income to cover all its expenses. In particular, the
165:
government-owned corporations add a heavy burden to the overall budget and public debt as not a single one is self-sufficient, all of them carrying extremely inefficient operations. For example, in FY2011 the government-owned corporations reported aggregated losses of more than $ 1.3B with the
192:
and referred back to the governor for his approval. The governor then either approves it or vetoes it. If vetoed the legislature can then either refer it back with amendments for the governor's approval, or approve it without the governor's consent by two-thirds of the bodies of each chamber.
1142:
1084:
1318:
1303:
1308:
1218:
1382:
922:
992:
846:
685:
79:
1407:
585:
150:
121:
196:
Once approved the
Department of Treasury disburses funds to the Office of Management and Budget which in turn disburses the funds to the respective agencies, all while the
166:
1211:
957:
63:
1058:
755:
735:
1466:
1456:
1397:
1328:
1204:
185:
1168:
1110:
174:
1343:
1333:
933:
592:
578:
216:
197:
154:
128:
114:
1003:
1338:
1227:
844:
1392:
1251:
1037:
673:
615:
146:
200:(the government's intergovernmental bank) manages all related banking affairs including those related to the government-owned corporations.
170:
145:
For practical reasons the budget is divided into two aspects: a "general budget" which comprises the assignments funded exclusively by the
1461:
1425:
1366:
1361:
1353:
1313:
1246:
55:
1387:
30:
805:
223:
beginning on July 1 and ending on June 30 of the following year. As of
November 2012, the government's balance is experiencing a
700:. Although the Department of Treasury doesn't provide contemporary figures, the Fund is expected to decrease by 8.9% or about
227:
of about $ 1.1 billion US$ . The government has about $ 15.1 billion in total assets and $ 48.8 billion in total liabilities.
968:
1430:
1282:
1272:
669:
560:
96:
1062:
883:
781:"Estados Financieros del Estado Libre Asociado de Puerto Rico/ Financial Statements of the Commonwealth of Puerto Rico"
178:
67:
1287:
567:
103:
1402:
1256:
759:
697:
611:
173:(PREPA; the government monopoly that controls all electricity on the island) reporting losses of $ 272M, while the
665:
545:
224:
212:
862:
591:
the revenues collected from loans undertaken during the fiscal year and the revenues collected from the sale of
1277:
1175:
1117:
1028:
821:
553:
639:
1435:
1417:
681:
51:
904:
822:"Commonwealth of Puerto Rico : Comprehensive Annual Financial Report : Year Ended June 30, 2011"
721:
689:
603:
541:
661:
62:, beginning on July 1 and ending on June 30 of the following year. This proposal is established by
149:, and the "consolidated budget" which comprises the assignments funded by the general budget, by
127:
the revenue expected from loans expected to be taken in the upcoming fiscal year and the sale of
153:, by revenue expected from loans, by the sale of government bonds, by subsidies extended by the
17:
653:
533:
189:
43:
850:
809:
1146:
1088:
780:
618:
doesn't provide contemporary figures, the Fund is expected to decrease by 5.7% or about
803:
1450:
1196:
232:
712:$ 109.7 million for the 2011 year, and then decrease once again by 1.9% or about
706:$ 1.0 billion for the 2011 fiscal year, followed by an increase of 1.2% or about
693:
607:
220:
209:
59:
630:$ 1.2 billion for the 2011 year, and then decrease once again by 5.3% or about
624:$ 1.8 billion for the 2011 fiscal year, followed by an increase of 4% or about
677:
574:
110:
1323:
1169:"Comprehensive Annual Financial Report - Year Ended June 30, 2011"
720:
638:
29:
1111:"Comprehensive Annual Financial Report, Year Ended June 30, 2011"
1319:
Authority for the
Financing of the Infrastructure of Puerto Rico
1200:
909:
CNE - Centro Para Una Nueva EconomĂa - Center for a New
Economy
1030:
Comprehensive Annual
Financial Report Year Ended June 30, 2011
507:
486:
462:
437:
408:
382:
357:
328:
302:
278:
253:
401:
321:
1143:"Financial statements of the Commonwealth of Puerto Rico"
1085:"Financial statements of the Commonwealth of Puerto Rico"
1061:. Estado Libre Asociado de Puerto Rico. Archived from
686:
executive departments of the government of Puerto Rico
184:
In terms of protocol, the governor, together with the
80:
executive departments of the government of Puerto Rico
131:
expected to undergo in the upcoming fiscal year, and
1416:
1375:
1352:
1296:
1265:
1234:
643:
Consolidated Fund for the 2010–2013 fiscal periods.
161:compose more than 31% of the consolidated budget.
167:Puerto Rico Highways and Transportation Authority
78:, which includes the budget proposed for all the
863:"Is Puerto Rico's Big Budget Deficit A Problem?"
434:Invested in capital assets, net of related debt
1383:Department of Economic Development and Commerce
725:General Fund for the 2010–2013 fiscal periods.
1212:
1116:. Commonwealth of Puerto Rico. Archived from
58:which recommends funding levels for the next
34:2012 Budget of the Government of Puerto Rico.
8:
758:. Elnuevodia.com. 2012-11-16. Archived from
736:Puerto Rico Chapter 9 Uniformity Act of 2015
1174:. Government of Puerto Rico. Archived from
1145:. Government of Puerto Rico. Archived from
586:Puerto Rico's government-owned corporations
186:Puerto Rico Office of Management and Budget
151:Puerto Rico's government-owned corporations
122:Puerto Rico's government-owned corporations
92:the budget proposed for the General Budget,
1219:
1205:
1197:
1087:. Departamento de Hacienda. Archived from
905:"San Juan 2023 o la decadencia de un PaĂs"
718:$ 177.3 million for the 2013 fiscal year.
181:(CAGR) of 9% while GDP remained stagnant.
175:Puerto Rico Aqueducts and Sewers Authority
636:$ 1.6 billion for the 2013 fiscal year.
229:
169:(PRHTA) reporting losses of $ 409M, the
1027:MĂ©ndez, JesĂşs; Chevres, Jaysel (2011),
747:
579:federal government of the United States
426:Undesignated, Unreserved Fund Balances
217:budget of the government of Puerto Rico
198:Puerto Rico Government Development Bank
155:federal government of the United States
115:federal government of the United States
109:the revenue expected from the expected
48:Presupuesto del Gobierno de Puerto Rico
40:Budget of the Government of Puerto Rico
27:Proposed by the Governor of Puerto Rico
1314:Authority for the Financing of Housing
1408:Public–Private Partnerships Authority
1038:Department of Treasury of Puerto Rico
958:"Reporte General sobre Deuda PĂşblica"
674:Department of Treasury of Puerto Rico
595:undergone during the fiscal year, and
147:Department of Treasury of Puerto Rico
7:
688:. The Fund was about $ 10.1 billion
171:Puerto Rico Electric Power Authority
1367:Puerto Rico Sales Tax Revenue Bonds
532:The Puerto Rico Consolidated Fund (
1467:State budgets of the United States
1457:Government finances in Puerto Rico
1228:Government finances in Puerto Rico
602:The Fund was about $ 31.4 billion
25:
668:and comprises the portion of the
714:
713:
708:
707:
702:
701:
632:
631:
626:
625:
620:
619:
552:the revenues collected from the
538:Fondo Consolidado de Puerto Rico
1398:Office of Management and Budget
967:. December 2010. Archived from
70:and is presented in two forms:
652:The Puerto Rico General Fund (
481:
457:
432:
377:
352:
297:
273:
248:
1:
670:Puerto Rico Consolidated Fund
542:sum of all revenues collected
215:is the overall result of the
18:Puerto Rico Consolidated Fund
1344:Public Financing Corporation
658:Fondo General de Puerto Rico
584:the revenues collected from
548:; in specific, it includes:
1362:Bonds issued by Puerto Rico
1334:Government Development Bank
504:Total Net Assets (deficit)
179:compound annual growth rate
68:Constitution of Puerto Rico
1483:
1462:Public debt of Puerto Rico
1339:Municipal Financing Agency
573:the revenues collected as
1393:Economic Development Bank
1252:Government budget balance
886:. Presupuesto.gobierno.pr
666:government of Puerto Rico
546:government of Puerto Rico
425:
345:
241:
213:government budget balance
50:) is the proposal by the
1283:Public Improvements Fund
1059:"Definicion de Terminos"
993:"PROCESO PRESUPUESTARIO"
884:"Definicion De Terminos"
561:Public Improvements Fund
554:Puerto Rico General Fund
120:the budget proposed for
113:to be received from the
97:Public Improvements Fund
1436:Taxation in Puerto Rico
849:April 18, 2014, at the
379:Noncurrent liabilities
52:Governor of Puerto Rico
1388:Department of Treasury
923:"SERVICIO DE LA DEUDA"
827:. Hacienda.gobierno.pr
808:June 14, 2010, at the
726:
657:
644:
616:Department of Treasury
537:
157:, and by other funds.
47:
35:
1426:Internal Revenue Code
756:"Home - El Nuevo DĂa"
724:
642:
219:over the course of a
33:
354:Current liabilities
56:Legislative Assembly
1288:Special State Funds
1181:on October 29, 2013
1149:on December 1, 2014
1123:on October 29, 2013
1091:on December 1, 2014
1065:on January 14, 2012
568:Special State Funds
238:
204:2011 budget balance
104:Special State Funds
87:Consolidated Budget
727:
645:
230:
89:, which includes:
36:
1444:
1443:
1431:Sales and Use Tax
1273:Consolidated Fund
684:collected by the
672:collected by the
660:) is the primary
528:Consolidated fund
525:
524:
521:
520:
499:
498:
475:
474:
451:
450:
421:
420:
404:Total liabilities
395:
394:
371:
370:
341:
340:
315:
314:
291:
290:
267:
266:
237:
16:(Redirected from
1474:
1221:
1214:
1207:
1198:
1191:
1190:
1188:
1186:
1180:
1173:
1165:
1159:
1158:
1156:
1154:
1139:
1133:
1132:
1130:
1128:
1122:
1115:
1107:
1101:
1100:
1098:
1096:
1081:
1075:
1074:
1072:
1070:
1055:
1049:
1048:
1047:
1045:
1035:
1024:
1018:
1017:
1015:
1014:
1008:
1002:. Archived from
997:
989:
983:
982:
980:
979:
973:
962:
954:
948:
947:
945:
944:
938:
932:. Archived from
927:
919:
913:
912:
901:
895:
894:
892:
891:
880:
874:
873:
871:
870:
859:
853:
842:
836:
835:
833:
832:
826:
818:
812:
801:
795:
794:
792:
791:
777:
771:
770:
768:
767:
752:
717:
716:
711:
710:
705:
704:
676:through all the
635:
634:
629:
628:
623:
622:
593:government bonds
508:
487:
482:
463:
458:
438:
433:
409:
402:
383:
378:
358:
353:
329:
322:
303:
298:
279:
274:
254:
249:
239:
235:
190:joint resolution
129:government bonds
21:
1482:
1481:
1477:
1476:
1475:
1473:
1472:
1471:
1447:
1446:
1445:
1440:
1412:
1371:
1348:
1292:
1261:
1230:
1225:
1195:
1194:
1184:
1182:
1178:
1171:
1167:
1166:
1162:
1152:
1150:
1141:
1140:
1136:
1126:
1124:
1120:
1113:
1109:
1108:
1104:
1094:
1092:
1083:
1082:
1078:
1068:
1066:
1057:
1056:
1052:
1043:
1041:
1033:
1026:
1025:
1021:
1012:
1010:
1006:
995:
991:
990:
986:
977:
975:
971:
960:
956:
955:
951:
942:
940:
936:
925:
921:
920:
916:
903:
902:
898:
889:
887:
882:
881:
877:
868:
866:
861:
860:
856:
851:Wayback Machine
843:
839:
830:
828:
824:
820:
819:
815:
810:Wayback Machine
802:
798:
789:
787:
779:
778:
774:
765:
763:
754:
753:
749:
744:
732:
696:, constituting
650:
614:. Although the
610:, constituting
530:
480:
456:
431:
400:
376:
351:
320:
296:
275:Capital assets
272:
250:Current assets
247:
206:
143:
28:
23:
22:
15:
12:
11:
5:
1480:
1478:
1470:
1469:
1464:
1459:
1449:
1448:
1442:
1441:
1439:
1438:
1433:
1428:
1422:
1420:
1414:
1413:
1411:
1410:
1405:
1403:Planning Board
1400:
1395:
1390:
1385:
1379:
1377:
1376:Other agencies
1373:
1372:
1370:
1369:
1364:
1358:
1356:
1350:
1349:
1347:
1346:
1341:
1336:
1331:
1326:
1321:
1316:
1311:
1306:
1300:
1298:
1294:
1293:
1291:
1290:
1285:
1280:
1275:
1269:
1267:
1263:
1262:
1260:
1259:
1254:
1249:
1244:
1238:
1236:
1232:
1231:
1226:
1224:
1223:
1216:
1209:
1201:
1193:
1192:
1160:
1134:
1102:
1076:
1050:
1019:
984:
949:
914:
896:
875:
865:. Bondview.com
854:
837:
813:
796:
772:
746:
745:
743:
740:
739:
738:
731:
728:
662:operating fund
649:
646:
600:
599:
596:
589:
582:
571:
564:
557:
529:
526:
523:
522:
519:
518:
515:
512:
505:
501:
500:
497:
496:
493:
490:
484:
477:
476:
473:
472:
469:
466:
460:
453:
452:
449:
448:
445:
442:
435:
428:
427:
423:
422:
419:
418:
415:
412:
406:
397:
396:
393:
392:
389:
386:
380:
373:
372:
369:
368:
365:
362:
355:
348:
347:
343:
342:
339:
338:
335:
332:
326:
317:
316:
313:
312:
309:
306:
300:
293:
292:
289:
288:
285:
282:
276:
269:
268:
265:
264:
261:
258:
251:
244:
243:
236:(in thousands)
205:
202:
142:
139:
138:
137:
136:
135:
132:
125:
118:
107:
100:
93:
83:
76:General Budget
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
1479:
1468:
1465:
1463:
1460:
1458:
1455:
1454:
1452:
1437:
1434:
1432:
1429:
1427:
1424:
1423:
1421:
1419:
1415:
1409:
1406:
1404:
1401:
1399:
1396:
1394:
1391:
1389:
1386:
1384:
1381:
1380:
1378:
1374:
1368:
1365:
1363:
1360:
1359:
1357:
1355:
1351:
1345:
1342:
1340:
1337:
1335:
1332:
1330:
1327:
1325:
1322:
1320:
1317:
1315:
1312:
1310:
1307:
1305:
1302:
1301:
1299:
1295:
1289:
1286:
1284:
1281:
1279:
1276:
1274:
1271:
1270:
1268:
1264:
1258:
1255:
1253:
1250:
1248:
1245:
1243:
1240:
1239:
1237:
1233:
1229:
1222:
1217:
1215:
1210:
1208:
1203:
1202:
1199:
1177:
1170:
1164:
1161:
1148:
1144:
1138:
1135:
1119:
1112:
1106:
1103:
1090:
1086:
1080:
1077:
1064:
1060:
1054:
1051:
1039:
1032:
1031:
1023:
1020:
1009:on 2017-05-25
1005:
1001:
994:
988:
985:
974:on 2017-05-25
970:
966:
959:
953:
950:
939:on 2017-05-25
935:
931:
924:
918:
915:
910:
906:
900:
897:
885:
879:
876:
864:
858:
855:
852:
848:
845:
841:
838:
823:
817:
814:
811:
807:
804:
800:
797:
786:
782:
776:
773:
762:on 2014-04-18
761:
757:
751:
748:
741:
737:
734:
733:
729:
723:
719:
699:
695:
692:for the 2010
691:
687:
683:
679:
675:
671:
667:
663:
659:
655:
647:
641:
637:
617:
613:
609:
606:for the 2010
605:
597:
594:
590:
587:
583:
580:
576:
572:
569:
565:
562:
558:
555:
551:
550:
549:
547:
543:
539:
535:
527:
516:
513:
510:
509:
506:
503:
502:
494:
491:
489:
488:
485:
483:Unrestricted
479:
478:
470:
467:
465:
464:
461:
455:
454:
446:
443:
440:
439:
436:
430:
429:
424:
416:
413:
411:
410:
407:
405:
399:
398:
390:
387:
385:
384:
381:
375:
374:
366:
363:
360:
359:
356:
350:
349:
344:
336:
333:
331:
330:
327:
325:
319:
318:
310:
307:
305:
304:
301:
299:Other assets
295:
294:
286:
283:
281:
280:
277:
271:
270:
262:
259:
256:
255:
252:
246:
245:
240:
234:
233:balance sheet
228:
226:
222:
218:
214:
211:
203:
201:
199:
194:
191:
187:
182:
180:
176:
172:
168:
162:
158:
156:
152:
148:
140:
133:
130:
126:
123:
119:
116:
112:
108:
105:
101:
98:
94:
91:
90:
88:
84:
81:
77:
73:
72:
71:
69:
65:
61:
57:
53:
49:
45:
41:
32:
19:
1297:Bond issuers
1278:General Fund
1241:
1183:. Retrieved
1176:the original
1163:
1151:. Retrieved
1147:the original
1137:
1125:. Retrieved
1118:the original
1105:
1093:. Retrieved
1089:the original
1079:
1067:. Retrieved
1063:the original
1053:
1044:November 25,
1042:, retrieved
1040:, p. 19
1029:
1022:
1011:. Retrieved
1004:the original
999:
987:
976:. Retrieved
969:the original
964:
952:
941:. Retrieved
934:the original
929:
917:
908:
899:
888:. Retrieved
878:
867:. Retrieved
857:
840:
829:. Retrieved
816:
799:
788:. Retrieved
785:Ggobierno.pr
784:
775:
764:. Retrieved
760:the original
750:
678:license fees
651:
648:General fund
601:
598:other funds.
531:
403:
346:Liabilities
324:Total assets
323:
207:
195:
183:
163:
159:
144:
134:other funds.
86:
75:
39:
37:
1257:Public debt
1247:Debt crisis
1185:December 1,
1153:December 1,
1127:December 1,
1095:December 1,
1069:December 1,
694:fiscal year
608:fiscal year
459:Restricted
221:fiscal year
210:Puerto Rico
60:fiscal year
1451:Categories
1235:Accounting
1013:2016-05-05
978:2016-05-05
943:2016-05-05
890:2014-04-18
869:2015-03-01
831:2015-03-01
790:2015-03-01
766:2014-04-18
742:References
64:Article IV
965:Gdbpr.com
698:a deficit
612:a deficit
577:from the
575:subsidies
540:) is the
111:subsidies
1418:Taxation
1000:2.pr.gov
930:2.pr.gov
847:Archived
806:Archived
730:See also
514:(33,677
492:(39,707
141:Overview
664:of the
654:Spanish
544:by the
534:Spanish
414:48,824
388:44,028
334:15,146
242:Assets
225:deficit
66:of the
54:to the
44:Spanish
1329:COFINA
1266:Assets
1242:Budget
517:,975)
495:,305)
468:2,335
444:3,693
364:4,795
308:3,529
284:7,768
260:3,848
1354:Bonds
1324:COFIM
1309:AFICA
1179:(PDF)
1172:(PDF)
1121:(PDF)
1114:(PDF)
1034:(PDF)
1007:(PDF)
996:(PDF)
972:(PDF)
961:(PDF)
937:(PDF)
926:(PDF)
825:(PDF)
682:taxes
471:,799
447:,531
417:,147
391:,843
367:,304
337:,172
311:,148
287:,350
263:,674
231:2011
82:, and
1187:2014
1155:2014
1129:2014
1097:2014
1071:2014
1046:2012
680:and
566:the
559:the
208:The
102:the
95:the
85:the
74:the
38:The
1304:AFI
690:USD
604:USD
511:$
441:$
361:$
257:$
1453::
1036:,
998:.
963:.
928:.
907:.
783:.
656::
536::
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1220:e
1213:t
1206:v
1189:.
1157:.
1131:.
1099:.
1073:.
1016:.
981:.
946:.
911:.
893:.
872:.
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793:.
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588:,
581:,
570:,
563:,
556:,
124:,
117:,
106:,
99:,
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