Puerto Rico: The Financial Oversight and Management Board urges the Treasury Department to submit its overdue revenue reports

The Financial Oversight and Management Board is criticizing the Department of the Treasury for not yet having submitted the official revenue results for August, September, and October. It wants to receive a status update on each of its outstanding requests by Monday, November 9. Its letter, dated November 2, is addressed to the Secretary of the Treasury, Ángel Pantoja Rodríguez. Discussions regarding the budget for the next fiscal year have already begun. According to the Board, the lack of complete information on revenues creates unnecessary obstacles to a transparent budgetary process.

Older requests still unanswered

The Board points out that it is still waiting for what it requested in a letter dated July 23. According to Noticel, this includes data on corporate taxes, withholdings on non-residents, and the Sales and Use Tax (IVU). Metro Puerto Rico adds businesses benefiting from incentives and personal income tax.

Both media outlets also report that the Treasury has not established the communication channel necessary to address outstanding issues and technical clarifications. Furthermore, questions remain open regarding the 2026 fiscal year. Revenues for its last quarter significantly exceeded projections.

According to Noticel, without complete data, the Board cannot analyze the gap between actual and projected revenues. It also cannot know whether the variations are due to lasting factors or exceptional payments. According to Metro Puerto Rico, it wants to know the nature of these payments, the tax period concerned, and whether they are recurring or one-time.

Measures requested of the Treasury

The Board is first demanding the monthly report on General Fund revenues within 15 calendar days following the end of each month. It is requesting, within the same timeframe, the monthly breakdown of revenues from Law 52 and the details of the IVU. This detail must include the distribution between the General Fund, COFINA, and the Municipal Administration Fund. It also wants the method used to distribute revenue projections for the 2027 fiscal year by month, as well as the re-establishment of technical meetings every two weeks.

According to Noticel, these meetings would bring together the Board, the Treasury's Office of Economic and Financial Affairs, and the Internal Revenue Service management.

Metro Puerto Rico specifies that preliminary figures would be accepted within 15 days, provided that the final results arrive no later than 30 days after the end of the month. The media outlet indicates that the letter is signed by the Board's executive director, Robert F. Mujica. In it, he cites a 2025 report from the United States Government Accountability Office (GAO), which highlights the importance of reliable and timely financial information for debt management and access to capital markets. Still according to Metro Puerto Rico, the request for a status update is based on the federal PROMESA law and must specify the expected delivery dates.