The Puerto Rico government's budget for the next fiscal year will be $13.18 billion, with the House of Representatives expected to concur with the Senate's amendments. According to Eddie Charbonier, president of the House Finance Committee, the budget will pass to the Financial Oversight and Management Board (FOMB) for review and certification after the House approves it.
The Senate adjusted the budget on Wednesday, reducing the allocation for the Initiative for Deregulation and Administrative Efficiency (IDEA) to $7 million and transferring its funds to the Department of Economic Development and Commerce (DDEC). The original budget allocated $9.5 million for IDEA, but the House had redistributed the funds for school improvements and other purposes.
The Senate's changes include a $7 million allocation for initiatives that could potentially be used for IDEA. If certified by the FOMB, this would be the second balanced budget in 10 years.