House Committee on Finance and Budget #
Website #
Membership and schedule available on website.
Purpose/Jurisdiction #
“The Finance and Budget Commission will have jurisdiction over all matters related to the fiscal situation of the Government of Puerto Rico, the collections of the General Fund and those of the special funds, the estimate of the collections and probable income, and the financing through the contracting of loans; with estimates of income and investments and expenditures of the public corporations from legislation that reduces or imposes contributions of any type; with the public debt of the Commonwealth and of public corporations, as well as the payment conditions for the loans whose contracting is recommended; with the collection, income, safekeeping, deposit and accounting of public funds; with the pre-intervention and use of public funds according to the purposes for which they were authorized; with the study and evaluation of the General Budget; with the budgetary requests recommended by the Governor for the departments, public corporations, agencies and other public instrumentalities, taking into consideration all the income and resources of the State, such as those of the evaluated entity, including federal funds, special funds and donations, as well as any other income; with all agencies, instrumentalities and public corporations that are under the jurisdiction of the Department of the Treasury. including federal funds, special funds, and donations, as well as any other income; with all agencies, instrumentalities and public corporations that are under the jurisdiction of the Department of the Treasury. including federal funds, special funds, and donations, as well as any other income; with all agencies, instrumentalities and public corporations that are under the jurisdiction of the Department of Finance.
“In addition, it will be responsible for all measures to allocate funds and for the allocations included in any legislative measure. It will also have jurisdiction over all matters related to the fiscal situation of the Government of Puerto Rico. As provided in Article IV, Section 4 of the Constitution of Puerto Rico, which establishes that at the beginning of each regular session, the Governor of Puerto Rico will provide a message on the situation of the State and will also submit a report on the conditions of the Treasury of Puerto Rico and the proposed expenditures for the following fiscal year; on the evaluation and validation of the Fiscal Plan proposed by the Governor of Puerto Rico, as well as or any document that accompanies it, such as income projections, expense estimates, among others, in order to guarantee that they are aligned with the fiscal situation of the country. In this assignment, the Finance and Budget Commission will establish collaborative agreements with unions, schools, organizations or entities with full knowledge and involvement in the subject; present and approve the Expense Budget to the Legislative Assembly; shall ensure compliance with Law No. 147 of June 18, 1980, as amended, known as the “Organic Law of the Office of Management and Budget”, which orders the Governor to submit to the Legislative Assembly the Annual Budget of Operating Expenses and Permanent Improvements of the Government of Puerto Rico, its instrumentalities and public corporations charged to the different sources of funds by the Office of Management and Budget (OGP) that represents an economic commitment in the general budget of the Government of Puerto Rico; it will approve allocations to semi-public, public, and private entities and institutions whose activities or services promote the development of programs and social welfare, health, education, culture, and improve the quality of life of Puerto Ricans; it will evaluate contracts, norms and regulations that are inconsistent with the fiscal reality of the country; it will verify the compliance of all agencies and instrumentalities with the management of the assigned budget and related programs and services; it will review and oversee all restructuring processes of any type of public debt of departments, public corporations, agencies and other public instrumentalities; it will lay the foundations to defend the fair allocation of budgets to essential services, labor rights, dignified retirement, municipalities, and job creation against any entity that opposes the welfare of the Puerto Rican people; and on any matter delegated by the House of Representatives of the Commonwealth of Puerto Rico or its President” (translated by Levin Center staff from official website).
House Committee on Public Funds Oversight #
Website #
Membership and schedule available on website.
Purpose/Jurisdiction #
“The Public Funds Oversight Commission will have jurisdiction over all matters related to the investigation and accountability of all state and federal impact allocations throughout Puerto Rico assigned to agencies, public corporations and municipalities or any other entity that receive public funds or incentives, whether for funds from federal allocations, municipal improvements, intergovernmental transfers, and one-time budgetary allocations, whether for infrastructure, social welfare programs, community initiatives, among others; evaluation of the implementation of the programs for which the public funds were allocated; audits of performance made to government and municipal programs that operate programs with federal funds; develop and coordinate legislative recommendations with the commissions the that are necessary to reach solutions and achieve the integrated and harmonious development of these programs and funds between the federal and central governments, public corporations and municipalities.
“The Commission will coordinate and will be responsible for processing, for itself or for any of the Commissions for the Development and Oversight of Public Funds, that through this Resolution or that are created by subsequent amendments, the information and requirements of administrative procedures before state agencies at the central level” (translated by Levin Center staff from official website).
Senate Commission on Finance, Budget, and Promise #
Website #
Membership, regulations, jurisdiction, and legislative measures available on website.
Purpose/Jurisdiction #
“The Finance, Budget, and Promise Committee of the Senate of Puerto Rico will have jurisdiction to address and analyze all matters related to the Puerto Rico Internal Revenue Code, as well as the Government of Puerto Rico’s Budget, which includes appropriations charged to the General Fund and special appropriations, the creation of special funds, federal fund contributions, and the estimated revenues for each fiscal year, as well as financing through loan contracting and bond issuances. It will also evaluate revenue estimates, investments, and disbursements of public corporations.
Additionally, the committee will promote the creation of legislation to advance Puerto Rico’s tax system, aiming to develop a cutting-edge and fairer tax system for the working, productive, and business classes. It will address all matters of a fiscal nature regarding the Government of Puerto Rico and any legislation related to pension systems. The committee will also promote studies aimed at determining the effectiveness of these systems to ensure their proper functioning.
Finally, it will be responsible for addressing all matters concerning the Fiscal Oversight Board, created under the Puerto Rico Oversight, Management, and Economic Stability Act of 2016, including its proposals and determinations of an economic, fiscal, budgetary, or any other nature” (committee website, translated by AI).
