GDB, TREASURY OUT OF MONEY BY YEAR END
From The San Juan Daily Star:
The Puerto Rico Treasury Department’s single cash account and the Go-
vernment Development Bank (GDB) are each expected to exhaust their
liquidity before the end of calendar year 2015. The information was con-
tained in a liquidity update report by Conway-MacKenzie (CM) and in
the island government’s fiscal adjustment plan. Both documents were
made public last week. The Treasury has a treasury single account (TSA)
in which it deposits and disburses amounts related to the General Fund,
certain federal funds, government agencies, general obligation debt issu-
ances (GOs) and payments, net pension benefits, and other items.
PRASA REACHES DEAL WITH US GOVERNMENT
From Caribbean Business:
Under a settlement with the U.S. Department of Justice and the Environ-
mental Protection Agency (EPA), the Puerto Rico Aqueduct and Sewer
Authority (Prasa) has agreed to make major upgrades, improve inspecti-
ons and cleaning of existing facilities within the Puerto Nuevo system and
continue improvements to its systems island-wide, according to the Justice
Department. The Puerto Nuevo sewer system serves the municipalities of
San Juan, Trujillo Alto, and portions of Bayamón, Guaynabo and Carolina.
The settlement updates and expands upon legal settlement agreements rea-
ched with Prasa in 2004, 2006 and 2010.
COCAINE FOUND ON EAST PR COAST
From Caribbean News Now:
US Customs and Border Protection (CBP) Office of Air and Marine Agents
on Friday night recovered 114 pounds (51.7 kilos) of cocaine inside four back-
packs that were ditched by smugglers on the east coast of the island. The esti-
mated value of the seized contraband is $1.4 million. CBP units near Ceiba,
Puerto Rico found 30 individually wrapped bricks of cocaine inside two pie-
ces of luggage. “Our marine units patrol work with law enforcement partners
to detect and intercept criminal organizations that seek to introduce illegal nar-
cotics,” stated Johnny Morales, director of air operations for CBP’s Caribbean
Air and Marine Branch (CAMB). “This seizure is evidence that our persistence
is fruitful.”
SALES TAX REVENUE OVER ESTIMATES
From News Is My Business:
Puerto Rico sales and use tax (SUT) revenues collections totaled $190.7 mi-
llion in August, the first month the new 10.5 percent rate was in effect, ex-
ceeding projections by $22.2 million, or 13.2 percent, Treasury Secretary
Juan Zaragoza said Monday. August 2015 estimates took into account the
possible effect of purchases made in advance of the rate increase. Neverthe-
less, the monetary values of the tax base subject to the SUT were very simi-
lar for August 2015 and August 2014, Zaragoza said.
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