• The San Juan Daily Star

Gov’t bank accounts decreased by 1.3% in October

By The Star Staff

Government bank accounts had $25.43 billion as of Oct. 29, a 1.3% decrease from the balance on Sept. 30, according to a report from the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF by its Spanish initials) on Wednesday.

The report showed that as of Oct. 30 government accounts decreased by $330 million from $25.76 billion on Sept. 30.

The difference was the result of a $318 million increase in the central government’s Treasury Single Account (TSA) balance and a $3 million increase in pension-related funds. Meanwhile, the report noted a $69 million decrease in restricted accounts and/or those subject to Title III proceedings, a $272 million decrease in public corporations and legally separate entities, and a $310 million decrease in central government non-TSA accounts.

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 bankrupt Highways and Transportation Authority decreased to $259 million as of Oct. 29, from $267.6 million as of Sept. 30, the document says.

The bank account balance of the Puerto Rico Electric Power Authority decreased to $1.31 billion in October, from $1.37 billion in September. Meanwhile, the Puerto Rico Sales Tax Financing Corp.’s account balance decreased slightly to $21.6 million in October, the document showed.

The report also included the bank account balances for other instrumentalities such as the Puerto Rico Aqueduct and Sewer Authority, which decreased to $839 million in October from $843.7 million in September, and the University of Puerto Rico, which increased to $397.3 million in October from $382.4 million the previous month.

Also, for the first four months of fiscal year 2021 through Oct. 31, the Financial Oversight and Management Board has had revenues come to nearly $19.9 million and expenses of $15 million, a report from the oversight board showed.

The oversight board’s budget for the entire fiscal year amounts to nearly $59.6 million.

The oversight board had spent $3.2 million in payroll and related costs as of Oct. 31, $1.2 million in legal services and $8.7 million in professional services, including $7.1 million paid to Ernst and Young Puerto Rico.

The oversight board saw revenues surpass expenditures by $1.3 million for the month of October only, according to its financial update.

As of Oct. 31, the board saw nearly $5 million in revenues, and expenses came to $3.6 million, the report showed.

The oversight board spent $2.1 million on professional services in October, the largest expense category. That category included a $2 million payment for various advisers for services in connection with some responsibilities related to the Puerto Rico Oversight, Management and Economic Stability Act, commonly known as PROMESA, the report showed.

The board also spent $826,322 on salaries and benefits, payroll taxes, and professional development and training in October, according to the document.

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