Gov’t bank accounts balance increases by 1.2%
By The Star Staff
Despite being in bankruptcy, the Puerto Rico government’s bank accounts totaled $20.7 billion as of July 31, a 1.2 percent increase over the balance on June 30, according to a report published by the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF by its Spanish initials).
The report published Monday shows accounts increased by $252 million from $20.4 billion on June 30. The increase was the result of a $424 million increase in the central government’s treasury single account (TSA) balance, a $147 million hike in the accounts of public corporations and a $3 million increase in pension-related accounts.
A $304 million decrease was observed in other central government non-TSA accounts, meanwhile.
A $17 million decrease in restricted accounts and/or those subject to bankruptcy Title III proceedings was recorded in the report.
The commonwealth government along with the Puerto Rico Electric Power Authority, the Puerto Rico Highways and Transportation Authority, and more recently the Public Buildings Authority, have been trying to restructure their debt in bankruptcy court.
The AAFAF also published a separate liquidity report for July on the income of some 15 component units from June 27 through July 31. Among them, three were most notable.
The Puerto Rico Ports Authority saw a year-to-date liquidity increase to $50.5 million from $50.1 million, due to inflows from Puerto Nuevo container operations and federal funds for capital improvements, but operations continue to be significantly affected due to the coronavirus pandemic and the halting of cruise ship operations.
The Puerto Rico Public Buildings Authority (PBA) year-to-date liquidity decreased to $77.3 million from $77.9 million, primarily as a result of the disbursement of two PayGo payments in July and higher-than-anticipated payroll expenses due to timing, which are expected to reverse.
“These were offset by collections of approximately $8.8 million in FY20 [fiscal year 2020] past-due rents,” the report said.
The Puerto Rico Convention Center District Authority’s cash levels went up by $3 million to $17.1 million at the end of July because of $5 million in appropriations received from the general fund to offset fourth quarter operating losses.
“Cash is expected to decline significantly over the fiscal year as a result of depressed operating receipts from ongoing event cancellations due to the COVID-19 crisis,” the report said.
The report also included financial information related to the AAFAF, the Puerto Rico Integrated Transit Authority, the Medical Services Administration, the Puerto Rico Industrial Development Co., the Department of Economic Development and Commerce, the State Insurance Fund Corp., the Health Insurance Administration, the Cardiovascular Center for Puerto Rico and the Caribbean, the Housing Finance Authority, the Puerto Rico Tourism Co., the Puerto Rico Administration for the Development of Agricultural Enterprises, and the Automobile Accident Compensation Administration.