Fiao
Miguel A. Soto Class
¿Quién se hubiera imaginado que un tema tan árido como el de los estados financieros del País se convirtiera en uno tan comentado y que levanta tantas pasiones en la población en general? El asunto, sin embargo, es demasiado serio como para dejar que el análisis llano lo confunda o que el debate político partidista lo enturbie. Hay que hablar del tema con sobriedad, sosiego y, sobre todo, con reconocimiento de su enorme complejidad.
La reciente vorágine pública sobre la situación fiscal del gobierno surge de un informe preparado por el Departamento de Hacienda. Este informe, conocido como el Comprehensive Annual Financial Report (CAFR), es preparado todos los años por la agencia y es examinado por una firma internacional de auditores externos. Para entenderlo, es preciso desmenuzar sus múltiples niveles. Decir que ha habido progreso o no en el manejo del gasto operacional del gobierno no está reñido con plantear que la situación de largo plazo de la deuda pública y la solvencia del País sigue sumamente frágil y sigue siendo un asunto de mucho cuidado. Veamos a qué me refiero.
La actividad gubernamental puede verse desde dos lados: una, la de los ingresos y gastos; otra, la de los activos o el patrimonio neto. El primer caso se refiere a lo que entra como ingreso y se gasta de mes a mes o de año en año. El segundo, se refiere al valor total de los bienes que se tiene y a lo que se adeuda sobre estos al largo plazo. READ MORE
Fiscal Situation Update – Fiscal Year 2012-2013 Budget, Volume VI, No.1 June 2012
Sergio M. Marxuach
Policy Director
Center for the New Economy
San Juan, PR – June 2012
Fiscal Year 2012
Revenues – General fund net revenues for the first ten months of fiscal year 2012 (comprising the period from July 1, 2011 to April 30, 2012) amounted to $6.845 billion, approximately $455 million, or 7.1%, more than the $6.390 billion recorded for the same period during the previous fiscal year. This increase is mainly due to the collection of $1.527 billion product of a temporary excise tax imposed on sales made by certain multinational companies with operations in Puerto Rico to their offshore affiliates. This excise tax has been imposed pursuant to the terms and conditions of Act 154 of October 25, 2010.
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Fiscal Situation Update: An Analysis of the Governor’s Proposed Budget for Fiscal Year 2012
Sergio M. Marxuach
Policy Director
Center for the New Economy
San Juan, PR – June 2011
I. Fiscal Year 2010-2011
Budget Deficit
General fund net revenues for the first ten months of fiscal year 2010-11 amounted to $6.405 billion, some $124 million, or 1.9%, more than the $6.281 billion reported for the same period last year. The most recent official revenue estimate for the current fiscal year is $8.133 billion. The Puerto Rico Treasury Secretary is confident this revenue target will be met due to (1) increased enforcement measures and (2) revenues generated by a new excise tax imposed on sales to the foreign affiliates of certain multinational companies with operations in Puerto Rico.
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El acuerdo fiscal
El Presidente Obama recientemente convirtió en ley el acuerdo para aumentar la cantidad de deuda que el gobierno federal puede emitir y para reducir significativamente el gasto gubernamental durante los próximos diez años. A continuación presentamos un resumen del acuerdo presupuestario entre la Casa Blanca y el Congreso. Utilizamos los términos “billón” y “trillón” según estos se usan en ingles para evitar la confusión.
Fiscal Situation Update – Fiscal Year 2011- 2012, Budget Vol. V, No. 1 June 2011
I. Fiscal Year 2010-2011
Budget Deficit
General fund net revenues for the first ten months of fiscal year 2010-11 amounted to $6.405 billion, some $124 million, or 1.9%, more than the $6.281 billion reported for the same period last year. The most recent official revenue estimate for the current fiscal year is $8.133 billion. The Puerto Rico Treasury Secretary is confident this revenue target will be met due to (1) increased enforcement measures and (2) revenues generated by a new excise tax imposed on sales to the foreign affiliates of certain multinational companies with operations in Puerto Rico.
On the spending side, total general fund expenditures are expected to total $9.149 billion, which is $1.021 billion, or 10%, less than total general fund spending of $10.170 billion reported during the last fiscal year.
To download the full report, please click on the following link:
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Fiscal Situation Update Fiscal Year 2010-2011, Budget Volume IV, No.1, May
I. Fiscal Year 2009-10
A. Budget Deficit
As of March 2010 general fund net revenues totaled $5.158 billion, some $285 million or 5.2 per cent, below actual receipts of $5.443 billion as of the same date for the previous fiscal year. Yet, according to the budget documents submitted by the Governor, the Puerto Rico Treasury Department still expects net general fund revenues to total $7.670 billion, an amount that is only $90 million, or 1.2 per cent, below actual receipts of $7.760 billion reported last fiscal year.
On the expenditure side, the Governor stated in his budget address to the legislative assembly that total expenditures for the current fiscal year are expected to be around $10.170 billion, perhaps a little bit less. As shown on Table 1 below, the projected general fund deficit for the current fiscal year should be around $2.500 billion, a figure that is $733 million, or 22.7 per cent, less than the $3.233 billion budget deficit registered during fiscal year 2008-09.
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Fiscal Situation Update Fiscal Year 2009-2010, Budget Volume III , No.1, May 2009
I. Fiscal Year 2008-09
As of March 31, 2009, general fund net revenues for the current fiscal year were $278 million, or 4.9 per cent, below actual receipts as of the same date for the previous fiscal year. General fund net revenues are also $335 million, or 5.8 per cent, below the originally budgeted amount. According to the budget documents submitted by the Governor, the Puerto Rico Treasury Department now expects net general fund revenues to total $7.600 billion, an amount that is $888 million, or 10.46 per cent, below the originally budgeted amount of $8.488 billion.
On the expenditure side, the Governor stated in his budget address to the legislative assembly that total expenditures are expected to be around $10.833 billion. As shown on Table 1 below, the projected general fund deficit for the current fiscal year—as “certified” by the Office of Management and Budget—should be around $3.233 billion, a figure that is $2.690 billion, or 495.39 per cent, higher than the $543 million budget deficit registered during fiscal year 2007-08.1
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Fiscal Situation Update: September 2008
I. A preliminary look at the fiscal 2007-08 balance
About a month ago the Puerto Rico Treasury Department released the preliminary revenue figures for fiscal year 2008. General fund net revenues totaled $8.252 billion, which is $610 million, or 6.88 per cent, less than the $8.862 billion collected during the previous fiscal year.
If we compare the actual revenues received with the originally budgeted amount, we find that general fund net revenues fell $825 million, or 9.09 per cent, short of the initially expected amount of $9.077 billion. This original revenue estimate, however, was revised in March 2008. At that time, the Treasury announced it expected net general fund revenues to come in at the level of $8.671 billion. Still, actual receipts were $419 million, or 4.83 per cent, below the revised forecast and even the adjusted projections were missed.
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Fiscal Situation Update: April 2008
I. Fiscal Year 2007-08
General fund revenues have fallen short of the budgeted amount every month so far during the current fiscal year. According to the budget documents submitted by the Governor on March 13th, the Puerto Rico Treasury Department now expects net general fund revenues to total $8.821 billion, an amount that is $406 million, or 4.40%, below the budgeted amount of $9.227 billion.
On the expenditure side, the Governor stated in his budget address to the legislative assembly that all government agencies are expected to keep spending within their respective budget limits, with the sole exception of the Health Insurance Administration (ASES) which according to published estimates is expected to be $116 million over budget. Thus, total general fund expenditures are expected to be around $9.343 billion.
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Fiscal Situation Update: May 2007
To: Restoring Growth Partners
Re: Use of Non Recurring Revenues
7 May 2007
The proposed budget for fiscal year 2008 contains several items of non-recurring revenuesthatarebeingusedtopatch-upanexpectedshortfall. Among these we find:
• Emergency Fund Deposit – Act 91 of June 21, 1966 established the Emergency Fund. This fund is a reserve account to be used to cover unforeseen expenses resulting from hurricanes, earthquakes, droughts, floods and other similar events. The law states that this fund shall be capitalized in an amount equal to 1% of the previous fiscal year’s general fund revenues but in no event shall the fund’s balance exceed $150 million. This means that for fiscal year 2008 the budgetary fund should receive a deposit of $86.19 million. The governor, however, has presented a bill to exempt the administration from making that deposit this fiscal year. Instead the governor proposes to make a deposit of only $8 million into the Emergency Fund this fiscal year. The proposed bill also states that the OMB director can draw on $150 million credit line from the GDB in the event of any emergency and therefore the Emergency Fund is essentially redundant. The effect of the bill, if enacted, would be to liberate about $78 million to cover operating expenses.
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