The government of Puerto Rico has reported its best financial performance in years, with the lowest accumulated deficit since the approval of the federal Promesa law. According to the Consolidated Annual Financial Report (CAFR) published on July 3, the government closed the 2023 fiscal year with an accumulated deficit of $42.85 billion, which is approximately 16% less than the revised deficit for the 2022 fiscal year. The improvement in the government's financial position is attributed to the restructuring of Puerto Rico's public debt under titles III and VI of the Promesa law, as well as adjustments in the actuarial valuations of public sector pensions.
The report notes that the debt modification process for the University of Puerto Rico (UPR) and the Puerto Rico Electric Power Authority (AEE) remains pending. Governor Jenniffer González Colón and Secretary of the Department of the Treasury, Ángel L. Pantoja Rodríguez, highlighted the importance of the report, stating that it represents a significant step in efforts to update the government's financial calendar and strengthen accountability, institutional credibility, and responsible management of public finances.
The government plans to publish the financial report for the 2024 fiscal year, with the exception of the AEE audit.