Sunday, December 08, 2019 / 11:17AM
/ By The Newsroom of The Weekly Journal / Header Image
The Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF, by its Spanish acronym) and Chief Financial Officer Omar J. Marrero announced that the government of Puerto Rico has received $49 million in interest fiscal year-to-date.
The weekly report on the Treasury Single Account (TSA) revealed that this account-which maintains a balance of approximately $8 billion-accrued close to $49 million in from July 1 to November 22, 2019.
Marrero indicated that said earnings were due to several bank movements the Puerto Rico Treasury Department, with AAFAF's support, made aimed at generating better interest yields for the TSA.
TSA funds that are not reserved for operating expenses and budgetary purposes are transferred to interest bearing accounts in different banks authorized to do business in Puerto Rico by the Office of the Commissioner of Financial Institutions.
Puerto Rico Treasury Secretary Francisco Pares Alicea explained that the transfers made in October are part of a recently established program to maximize interest generated through the monthly redistribution of TSA unreserved balances.
"This redistribution is projected to produce approximately $124 million in accrued interest per year, which is reflects a 39 percent increase compared to the interest generated during the previous fiscal year," Pares Alicea stated.
Governor Wanda Vazquez Garced commended the officers for reinforcing the accountability reports, which the administration stated will result in more transparency on government administration and benefits for the people of Puerto Rico.
AAFAF has published the TSA report on a weekly basis since October 2017. The report released Thursday, corresponding to the week ended November 22, 2019-includes, for the first time, the breakdown on the interest accrued by the TSA.
The TSA report is published every Tuesday on the AAFAF website and it is part of our commitment to fiscal responsibility and transparency in public finance.
The post Government Has Earned $49 Million in Interest Fiscal Year-to-Date first appeared in The Weekly Journal on Thursday, December 05, 2019.
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