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The Financial Supervisory Board passes the Assembly and certifies the budget for the next financial year.

The Financial Supervisory Board passes the Assembly and certifies the budget for the next financial year.

The Fiscal Oversight Board (JSF) today, Thursday, certified a $28,000 million consolidated budget for the government of Puerto Rico for the next fiscal year.

“After years of underfunded critical services, significant investments can now be made to improve the quality of life for residents and businesses in Puerto Rico,” said the Board of Supervisors chairman. David Skell.

“This budget not only prioritizes critical services that are so important to the lives of every Puerto Rican, but also provides the government with investments and stability that will boost the economy,” the president argued in written remarks.

Approved by the board, which takes effect tomorrow, the general fund budget is $12.4 billion for the day-to-day operations of the government of Puerto Rico, $4.5 billion in special revenue funds for private use, and $11.2 billion in funding from the U.S. federal government.

Through a press release, the members of the financial institution, the consolidated budget for 2023 guarantees the financing of public services, as well as the priorities established between them and the government, including $5.5 billion for public health and $4.6 billion for education.

$3.1 billion for families and children, $2.6 billion for retired public employee pensions (PayGo), $1.3 billion, mostly to protect future public pensions from economic uncertainty, and $1.1 billion for debt obligations. Additionally, the certified budget includes a significant investment in the government’s ability to provide effective services to the people of Puerto Rico.

For the University of Puerto Rico (UPR), the $58 million increase required by Act 53-2021 in the certified budget includes $20 million in addition to $40 million, of which $20 million is to ensure campus accreditation requirements. Medical Science.

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In fiscal year 2023, Puerto Rico’s municipalities will receive approximately $2.4 billion in funding, including stimulus funds from the federal government. Items include $40 million in “one-time economic support” to offset the effect of recent inflationary pressures.

“Investment in Puerto Rico’s revitalization and infrastructure strengthening will boost the island’s economy and expand opportunities for residents”Scheel said.

The budget includes $387 million in pay raises for public employees, additional positions and other staffing initiatives, and $322 million in infrastructure investments, mainly highways.

The governor reacts

“It is unfortunate that the legislative process related to the Union Budget was very contentious and took a long time. The majority legislative leadership squandered an opportunity to pass a board-certifiable budget that includes the priorities we have identified for the public good. My administration has managed to add to the board several public policy initiatives that are positive for Puerto Rico, but others are certainly missing. However, our people can rest assured that we will continue to fight and strive for the well-being of everyone on our island,” Governor Pedro Pierluisi said in written statements.