P.R. Laws tit. 3, § 9249
(a) Budget proposals.— On or before March 1st, in every case prior to the beginning of each fiscal year, the OMB in conjunction with the Department of the Treasury, in the case of the Commonwealth, and the chief executive officer of each one of all other supervised entities shall submit to the Board a budget proposal for each one of said supervised entities for the next fiscal year, consistent with the Fiscal and Economic Growth Plan. The Budget of the Commonwealth shall also meet the requirements of §§ 101 et seq. of Title 23, as well as include a Budget Control Reserve to be provided by the Legislative Assembly. Every budget submitted to the Board shall include a report of the OMB and the Department of the Treasury, itemizing the measures proposed in accordance with the Fiscal and Economic Growth Plan.
If the Board does not receive the budget proposal of a supervised entity on or before March 1st, or before the date established by the Board, before any fiscal year, the Board shall issue a notice to said supervised entity.
Provided, That for the budget of fiscal year 2016-2017, all supervised entities shall file their budget with the Board if at least three members of the Board have been appointed on or before March 1st, 2016. Provided, That for the budget of fiscal year 2016-2017, if as of February 1st, 2016, at least three (3) members have not been appointed to the Board nor the Fiscal and Economic Growth Plan has been approved, the budget process shall continue its course and the Board shall begin its participation once the two conditions above are met. In this case, the Board shall participate in a manner that does not affect the Legislative Assembly’s Budget approval process. As part of such participation, the Board may make any recommendations it deems appropriate.”[sic]
(b) Board’s endorsement for proposed budgets.— Within thirty (30) days after receiving a budget proposal submitted in accordance with subsection (a) of this section, the Board shall determine whether the proposed budget complies with the Fiscal and Economic Growth Plan and, if so, it shall issue its endorsement to said budget. The Board shall promulgate regulations to establish the requirements applicable to the budgets of supervised entities, if any, that are not included in the Fiscal and Economic Growth Plan.
(c) Budget recommendations and revisions.— If the Board does not endorse the budget proposal of a supervised entity, the Board shall notify such fact to the Governor, the OMB, the Legislative Assembly, and the applicable supervised entity. The Board may make any budget any recommendations and revisions it deems appropriate to ensure compliance with the Fiscal and Economic Growth Plan. The OMB, in the case of the Commonwealth, and the chief executive officer of each one of the other Supervised Entities, as the case may be, shall submit a revised budget to the Board on or before fifteen (15) days from the date on which notice of the recommendation for budget review is issued have elapsed. The Board shall have fifteen (15) days after receiving a revised budget proposal to determine whether it complies with the Fiscal and Economic Growth Plan. If the revised budget does not comply with the Fiscal and Economic Growth Plan, the Board shall issue a notice to the applicable supervised entity and shall notify such fact to the Governor, the OMB, the Legislative Assembly, and the applicable supervised entity. If the Board determines that the revised budget complies with the Fiscal and Economic Growth Plan, it shall issue its endorsement to such proposed budget.
(d) Legislative Assembly’s approval.— The Governor and the Legislative Assembly shall consider the recommendations, certifications, and endorsements of the Board during the approval process of the Budget of the Commonwealth of Puerto Rico.
(e) Board’s notice of approved budget.— Within thirty (30) days after the date on which the Budget of the Commonwealth for a specific fiscal year has been approved by the Legislative Assembly and, ultimately, by the Governor, and within thirty (30) days following the date on which a budget of a public corporation that is a supervised entity has been approved by the Board of Directors of said public corporation, the Board shall evaluate the approved budget. If the Board deems that the approved budget does not conform to the Fiscal and Economic Growth Plan, the Board shall also issue a notice to the applicable supervised entity.
(f) Board’s notice of income estimates.— Notwithstanding any other provision to the contrary, the Board may issue a notice to the Commonwealth if it considers that the Budget of the Commonwealth does not comply with the income estimate rules and procedures included in the Fiscal and Economic Growth Plan and §§ 101 et seq. of Title 23, as amended by this Act.
History —Dec. 8, 2015, No. 208, § 209.