The Puerto Rico Oversight Board is expected to approve seven fiscal plans Thursday including one that would increase tolls supporting Highways and Transportation Authority bonds.
The board will hold a public meeting at 9:30 a.m. Atlantic Standard Time Thursday to certify fiscal plans for the Puerto Rico Electric Power Authority, Puerto Rico Industrial Development Company, Puerto Rico Aqueduct and Sewer Authority, University of Puerto Rico, HTA, Puerto Rico Sales Tax Finance Authority (COFINA), and Public Corporation for the Supervision and Security of Puerto Rico Cooperatives (COSSEC).
The existing versions of the plans were approved in June 2020. The board approves new versions of the plan at least once a year to reflect up-to-date fiscal circumstances.
In summer 2020, board members decided to postpone a planned increase in HTA highway tolls due to the impact of COVID-19 on the island’s population and economy. The new plan is expected to reintroduce the toll increases, according to a person familiar with a draft version. The plan will also update revenues and expenditures due the board’s evolving outlook on the economy.
The University of Puerto Rico plan may update its handling of employee pensions. About a year ago the board offered the university’s administration three options for changing the pensions. The administration is suggesting its own option and the plan should address the administration’s option.
The board also postponed a tuition increase for UPR last year. The increase may be part of the new fiscal plan.
The PREPA plan will have an updated narrative about what has happened with the transition of the transmission and distribution system to the private operation by LUMA Energy. It will have more information on PREPA’s contract with LUMA.
Board members have already individually reviewed the draft plans, which they are discussing together Wednesday. The board is expected to release the draft plans on Wednesday evening or early Thursday morning.
In the board’s parlance, when it votes to approve the plans it “certifies” them.
Board members had arrived in Puerto Rico by Wednesday. Members Justin Peterson and Antonio Medina Santos met with UPR President Jorge Haddock Acevedo on Tuesday.
On Wednesday board members were meeting with leaders of the Puerto Rico Senate and House of Representatives.
The board’s meeting will be
