Oversight Board rejects second PREPA fiscal plan in two weeks – Bond Buyer

Oversight Board rejects second PREPA fiscal plan in two weeks – Bond Buyer

The Puerto Rico Oversight Board has rejected two native authorities-suggestd Puerto Rico Electrical Power Authority fiscal plans Prior to now two weeks in a continuation of a wrestle between the board and the native authorities over fiscal issues.

The board, by way of Widespread Counsel Jaime El Koury, despatched two letters regarding factors it had with the suggestd fiscal plan And monetary 2023 price range on Tuesday to Gov. Pedro Pierluisi, House President Rafael Hernández Montañez, and Senate President José Luis Dalmau. 

Inside the letters, El Koury provides Pierluisi till sometime subsequent week to submit a revised compliant fiscal plan. He additionally provides a timeline for the adoption of a price range compliant with the fiscal plan By which the board will certify a price range on June 30. 

His letters on Tuesday Adjust to An prolonged 10-Website, single-spaced letter specifying a quantity of factors with the governor’s suggestd PREPA fiscal plan that El Koury despatched to Pierluisi on Might 25. 

“After six yrs of fiscal oversight and now virtually one yr Of private sector administration and lots of of hundreds of hundreds in professional suggestion, PREPA, LUMA and the [Oversight Board] can’t Supply you a price range And monetary plan That is credibly balanced,” said Tom Sanzillo, director of finance at Institute for Power Financials and Financial Evaluation. “I am not surprised however I am speechless.” 

Three weeks from The start of fiscal 2023 the Puerto Rico …….

Source: https://www.bondbuyer.com/news/oversight-board-rejects-second-prepa-fiscal-plan-in-two-weeks

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