PUERTO RICO BRACES FOR BUDGET CUTS
From AP / WINK News:
Puerto Rico is bracing for widespread spending cuts after the government
released a long-awaited fiscal reform plan on Wednesday that would redu-
ce much of the island’s $72 billion public debt and calls for restructuring
the remainder at the expense of bondholders. The five-year plan proposes
that the government cut subsidies to municipalities and the University of
Puerto Rico, offer early retirement and reorganize or merge state agencies.
It also calls on the government to extend until 2021 legislation that would
freeze new hires, salary increases and collective bargaining agreements.
Gov. Alejandro Garcia Padilla acknowledged in a televised address that
Puerto Ricans already have had to endure new taxes, an increase in utility
bills and layoffs during a nearly decade-long economic stagnation.
FINANCIAL CONTROL BOARD TO BE ESTABLISHED
From Caribbean Business:
A five-member, independent financial control board will be tasked with
ensuring that the recently released Fiscal & Economic Growth Plan (FE
GP), once approved, is followed, and would have the necessary powers
to ensure compliance, particularly if subsequent administrations decide
to do away with the final plan. It would be in place for the five-year pe-
riod of the plan, after which further extending its term would be conside-
red. Moreover, the board would have the authority to approve the plan,
as well as the power to force budgetary cuts, among other corrective ac-
tions, which will be part of draft legislation to be submitted to the Legis-
lature for its establishment. It has yet to be revealed when the Economic
Recovery Working Group will deliver its proposed legislation to Puerto
Rico lawmakers for their necessary approval.
WATER RESERVOIR LEVELS FOR TODAY
Carraizo is on the far left, while La Plata is immediately to its right.
Users served by both reservoirs are currently subject to water ratio-
ning. Some rain has fallen over the area this morning, with more ex-
pected over the next two days, as two low pressure systems pass over
the area.
SCHOOLS MAY RETURN TO NORMAL SCHEDULE
From The San Juan Daily Star:
If the water levels at the Carraízo and La Plata reservoirs continue in-
creasing, the Education Department may change the policy implemen-
ted at the beginning of the school year and return to normal school days
and hours -- offering classes Monday to Friday or extending school hours
at those public schools where class periods have been reduced due to wa-
ter rationing. In a radio interview Tuesday, Education Secretary Rafael
Román said the rationing plan has cost the agency close to $1 million in
the purchase of water cisterns and water storage containers for the sch-
ool’s cafeterias, among other facilities, in order to supply water at the
affected schools. Román said that toward the end of the week he will be
discussing the state of the reservoirs and the changes made in the ratio-
ning plans.
CRUISE SHIP PASSENGES FLOWN TO PR
From Yahoo! News:
Officials say Carnival Cruise Lines is flying 770 passengers to Puerto
Rico after their ship caught in fire in the U.S. Virgin Islands. The
president of the company that manages the dock where the ship is ber-
thed says six chartered flights were headed Wednesday to Puerto Rico.
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