Ports: Fiscal board approves $40 million budget for capital improvements

Puerto Rico Ports Authority Executive Director Norberto Negrón Díaz

By THE STAR STAFF

Puerto Rico Ports Authority Executive Director Norberto Negrón Díaz announced Sunday that the Financial Oversight and Management Board approved the submitted budget for the agency’s 2025 Capital Improvement Program, which totals some $40,440,351.

“”This budget is earmarked for the ongoing refurbishment of our port facilities and the international and regional airports managed by the Puerto Rico Ports Authority (PRPA),” Negrón Díaz said in a press release. “This is a very important step, not only because of the work being carried out with these funds, but also because it demonstrates the success of the transparency policy and sound management of public funds that we have implemented since we took over the public corporation in January.”

The official noted that for some months now they have maintained direct communication with the oversight board’s technical teams, as well as the Office of Management & Budget and Gov. Jenniffer González Colón.

“Our governor has insisted from day one that every budget process must be carried out within a framework of clarity, constant review, and with tangible compliance metrics,” Negrón Díaz said. “The Board’s approval of this Capital Improvement Program demonstrates the efficiency of this process for the benefit of the people.”

The budget approved by the federal entity through the Puerto Rico Oversight, Management and Economic Stability Act, better known as PROMESA, is primarily funded by Ports’ own revenues, which are derived from rentals, concessions and other operational sources.

It also incorporates items intended to match federal funds allocated through various agencies and programs such as the Federal Aviation Administration, the Community Development Block Grant program, the Federal Emergency Management Agency, the United States Maritime Administration, and the Rebuilding America’s Infrastructure with Sustainability and Equity, or RAISE, program.

“The Capital Improvement Program’s mission is to strengthen critical infrastructure in airport and maritime systems, raising operational safety standards, resilience to natural phenomena such as hurricanes, and ensuring that Puerto Rico has modern and competitive port facilities that support economic growth now and in the future,” the Ports chief said.