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  • Writer's pictureThe San Juan Daily Star

Gov’t bank accounts up 3.7% for month, to $18.86 billion

By The Star Staff

Puerto Rico’s government bank accounts totaled $18.86 billion as of Aug. 31, a 3.7% hike from the month before, according to a Treasury Department report.

The summary dated Sept. 30 showed that accounts increased by $676 million from nearly $18.19 billion on July 31.

The difference came due to a $651 million increase in public corporations and legally separated entities, a $226 million increase in restricted accounts and/or those subject to Title III bankruptcy proceedings, and a $4 million increase in pension-related accounts. Meanwhile, the report noted a $109 million decrease in central government non-Treasury Single Account (TSA) balance accounts, and a $96 million decrease in the central government’s TSA.

The bank account balance of the Puerto Rico Electric Power Authority (PREPA) increased to $1.23 billion as of Aug. 31, from $1.03 billion the prior month. PREPA has been in bankruptcy since 2017 and is currently embroiled in disputes over its $9 billion bonded debt with creditors.

Meanwhile, the Puerto Rico Sales Tax Financing Corp.’s account balance remained at $21.7 million in August, 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 $1.06 billion in August from $922.2 million in July, and the University of Puerto Rico, which increased to $440.9 million in August from $438.8 million the previous month.

A separate liquidity report from the Puerto Rico Fiscal Agency and Financial Advisory Authority for August for some 15 commonwealth component units showed a different picture.

The Puerto Rico Ports Authority saw August liquidity decrease to $125 million from $125.4 million, primarily due to a $800,000 transfer to restricted accounts, the report said.

The Puerto Rico Public Buildings Authority operating net cash flow in August decreased to $83.5 million from $93.9 million, mainly due to payroll and related costs and higher purchase services.

“This impact was expected and accounted for in the liquidity plan,” the document said.

The Puerto Rico Convention Center District Authority’s cash slightly decreased to $44 million, from $45.8 million, at the end of August. The decrease was due to a past years’ utilities payment of $2.6 million.

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