By The Star Staff
Despite the objections of the executive director of the Financial Oversight and Management Board to two bills with a tax impact sent to the extraordinary session called by Gov. Pedro Pierluisi Urrutia, Treasury Secretary Nelson Pérez Méndez said Sunday that he believes that they have the approval of the fiscal entity.
“There are several bills included in that call that have an economic impact,” said Bayamón Mayor Ramon Luis Rivera Cruz, chairman of the Incoming Transition Committee, said at government transition hearings. “Did you do any analysis of the economic impact of each of those measures? You have the one for $250 million, you have the one for tax incentives for the development of housing and projects in urban centers. What would be in those two measures? Did you do an analysis of the economic impact? Can you provide it?”
“Yes,” the Treasury chief answered.
“Do you have an idea of how many decrees or tax credits are going to be requested in Puerto Rico in 78 municipalities?” Rivera Cruz asked.
“The Department of Economic Development has that information,” Pérez Méndez said.
“And second, did you consult with the Fiscal Control Board [sic] about these bills that have an economic impact?” Rivera Cruz followed. “Did the Fiscal Control Board give its written approval?”
“They don’t give written approval. We talked to them,” the Treasury secretary answered. “The board’s statements are that they don’t see it, that it’s not urgent, but it is very important. In the statement in relation to the chairman of the Fiscal Control Board, he said it’s not urgent in relation to what the refundable incentive was.”
“The question is one, did the Fiscal Control Board give them [the bills] approval?” Rivera Cruz continued.
“That is why I tell you, in relation to the projections that we had, which we share, that we have at the moment, there were no reservations to be able to implement the $250 million program,” Pérez Méndez responded.
“Is there more no than yes?” Rivera Cruz asked.
“More yes than no,” Pérez Méndez answered.
“If we call the Fiscal Control Board today, if we make an approach, can you guarantee me that they said yes?” the mayor continued.
“It does not work like that, Mr. Mayor,” the Treasury chief said. “We, in conversations with the members of the board and with the director of the board, have always mentioned the intention and they have not presented reservations to us submitting the measure.”
In a written statement, Robert Mujica, the executive director of the oversight board, said “[d]ue to its fiscal impact, it would be more appropriate to include this legislation [the two bills in question] as part of a broader discussion on the budget and the tax system” (see related story on page 4
“The government’s surplus in fiscal year 2024 was significantly lower than in fiscal year 2023, and we see signs that the economy has begun a period of deceleration,” Mujica said. “Likewise, there is uncertainty about the future of Medicaid and other federal funds.
“The government must maintain disciplined spending to prevent Puerto Rico from falling into deficit and reversing the progress made to achieve fiscal responsibility.”
Sunday was the last day of the Transition Committee’s public hearings with the government fiscal team.
Treasury Secretary Nelson Pérez Méndez should be added to the list of government officials that for unknow reasons tend to have difficulties explaining the functions within the FOMB and the PR elected government. It didn't matter how Bayamón Mayor Ramon Luis Rivera Cruz, asked him if the FOMB approved the bills, he simply couldn't come up with an inteligible answer. Think about four more years of this dysfunctional government, where PR is going to end up.
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