AAFAF: Gov’t bank balances grew by 12% in May

Por The Star Staff

The balance of Puerto Rico’s government bank accounts jumped to $24.28 billion as of May 31, a 12.2% hike from the balance on April 30, a report from the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF by its Spanish initials) said this week.

The latest report showed that the accounts increased by $2.64 billion from $21.64 billion on April 30.

The hike was caused by a $1.92 billion increase in central government non-treasury single accounts (non-TSAs), a $1.01 billion increase in the central government’s TSA balance (TSA1), a $167 million increase in restricted accounts and/or accounts subject to Title III proceedings, and a $7 million increase in pension-related accounts. However, there was a $473 million decrease in accounts associated with public corporations and legally separate entities.

Among the instrumentalities with restricted accounts and/or accounts subject to Title III of the Puerto Rico Oversight, Management and Economic Stability Act, the liquidity of the Puerto Rico Highways and Transportation Authority declined to $286.9 million as of May 31, from $298.5 million as of April 30, according to the summary.

The bank account balance of the Puerto Rico Electric Power Authority decreased to $716.1 million in May, from $735.5 million in April. Meanwhile, the balance for the Puerto Rico Sales Tax Financing Corp.’s account remained at $20.2 million in May, the document showed.

The report also included the bank account balances for other instrumentalities such as the Puerto Rico Aqueduct and Sewer Authority, which increased to $933.5 million in May from $908.7 million in April, and the University of Puerto Rico, which decreased to $358.7 million in May from $364.3 million in April.

The bank account balance for the Medical Insurance Service Administration decreased to $316.8 million in May from $493.2 million in April.

The account balances included in the report are based on information AAFAF obtained from governmental instrumentalities and financial institutions as of the dates indicated as part of an ongoing review of the bank accounts and balances of the island government and its instrumentalities. AAFAF has not validated all the information received and, as a result, cannot and does not assume any responsibility for the accuracy of the information.

The report did not include balances for the legislative or judicial branches.

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