Governor issues executive order creating budget committee

Gov. Jenniffer González Colón

By THE STAR STAFF

Gov. Jenniffer González Colón has signed an executive order creating the Interagency Committee for the Preparation of Responsible Budgets and Fiscal Sustainability of Puerto Rico, whose aim is to create balanced budgets.

The new panel is one of several already created by the governor, such as the Energy Committee, to tackle different problems.

The newest committee will comprise the director of the Office of Management and Budget (OMB), who will chair the group; the executive director of the Fiscal Agency and Financial Advisory Authority (AAFAF by its initials in Spanish) or his authorized representative; the Treasury and Labor & Human Resources secretaries; and the Planning Board chairman.

As part of the fiscal and budget strategy, the committee will ensure the submission of a budget to the Legislature with sufficient time for its evaluation and adequate analysis.

The panel also will coordinate efforts to develop responsible and sustainable budgets that comply with the parameters established by the Financial Oversight and Management Board and promote Puerto Rico’s fiscal stability.

It will also evaluate the economic and fiscal projections of the central government and develop strategies to improve budget planning and execution; promote efficiency in the management of public resources through the integration of data and interagency economic analysis; identify areas of opportunity to improve revenue collection and optimize government spending; develop quarterly reports with recommendations for the governor and the Legislature on the government’s fiscal, economic and budgetary situation; and formulate strategies to accelerate compliance with the requirements necessary for the oversight board to leave Puerto Rico.

The OMB will have additional responsibilities such as creating a long-term fiscally responsible budget plan, overseeing and coordinating the implementation of the budget and fiscal strategies designed by the committee, and ensuring the effective execution of budgets.

The committee will work in close collaboration with the AAFAF and the Treasury Department to ensure compliance with established fiscal policies.