Treasury Has Until Monday, Nov. 9 to Explain Why the Oversight Board Still Lacks Revenue Reports

The Financial Oversight and Management Board gave the Treasury Department until this Monday, November 9, to explain in writing why it still has not delivered the revenue reports for August, September and October. The letter, dated November 2 and signed by executive director Robert F. Mujica, is addressed to Treasury Secretary Ángel Pantoja Rodríguez ¹. The demand comes just as talks on the next budget begin, and the Board warns that the budget cannot be built without those numbers ¹.

Background: a request more than three months old

The standoff is not new. According to the letter, the Board had already asked for information on July 23, and that request is still pending ¹. Mujica cited "continuing delays in submitting essential fiscal information" and was blunt: transparency and discipline in financial reporting "are not optional principles" ¹. To back the argument he cited a 2025 report from the U.S. Government Accountability Office (GAO) stressing the importance of timely, reliable financial information for managing debt and keeping access to capital markets ¹.

The timing carries political weight. Only on Wednesday, November 4, the Board held its 2027 economic outlook symposium at the Capitol, where the Fiscal Agency and Financial Advisory Authority (AAFAF) presented unemployment and economic activity figures ³. The underlying question is whether the government delivers on time the data that supports those projections.

The numbers and the deadlines

Here is what the Board demands from Treasury, according to the letter ¹:

• Pending reports: revenue reports for August, September and October 2026.
• Data from the July 23 request: corporate and incentive-company income tax, nonresident withholding, sales and use tax (IVU) and individual income tax.
• Question on fiscal Q4 2026: revenues "substantially exceeded" expectations, and the Board wants to know the nature of those payments, which tax period they relate to and whether they will recur or were one-time.
• Monthly General Fund report: within 15 calendar days after each month closes. Preliminary figures are acceptable if final ones arrive within 30 days of month-end.
• Act 52 and IVU breakdown: also monthly and within 15 days, showing the split among the General Fund, COFINA and the Municipal Administration Fund.
• FY2027 projections: the methodology Treasury uses to project revenue month by month.
• Technical meetings: resume them every two weeks with Treasury staff, and open a communication channel for questions and clarifications that, the Board says, Treasury has not set up.
• Deadline: a status report, under PROMESA, on each pending request with expected delivery dates, no later than Monday, November 9 ¹.

If Treasury adopts the 15-day calendar, the October report would be due around November 15. The backdrop is mixed: AAFAF reported unemployment averaged 5.7% in fiscal year 2026 and rose to 6.2% in September, while the Economic Activity Index reached 129.4 points, almost 2% above the average for the quarter ended June 30 ³.

Meanwhile, the Board keeps watch over other fiscal measures. This same week it rejected a House bill (P. de la C. 952) that would exempt dividends paid to investors resident in Spain from withholding, because the government would lose an estimated $383,100 in revenue for each 1% of exempt dividends and the bill carries no offsetting measures ².

What it means for you

Revenue is the thermometer for how much money the government has to pay for services, payrolls and projects. When Treasury does not deliver reports, the Board cannot validate the budget, and that delays decisions that reach your wallet: public employee raises, school funding and municipal allocations ¹.

If you live in a municipality, watch the Municipal Administration Fund line: the Board asked for a monthly breakdown of how much IVU and other revenue flows into that fund ¹. That money supports services such as garbage collection, road maintenance and street lighting. A budget that is delayed or trimmed for lack of information can end up squeezing your town hall.

How to / Checklist

1. Read the official documents. The Board posts letters and resolutions at oversightboard.pr.gov, under "Related Documents and Letters" ⁴.
2. Look for Treasury's status report after Monday, November 9. If published, it should appear on the Board's portal or at hacienda.pr.gov.
3. Review the monthly revenue reports as they come out. Compare August, September and October against the fiscal-year projections.
4. If you run a business, confirm your IVU returns and withholdings are current in Treasury's SURI system (suri.hacienda.pr.gov) before the end of November.
5. If you work for the government or a municipality, ask your finance office how the fiscal year 2027 budget affects your line item.
6. Write to your representative or senator. Lawmakers receive the Board's letters and can demand answers from Treasury at public hearings.

What's next

The first checkpoint is Monday, November 9, when the status report is due ¹. After that, the Board expects the October report to meet the new 15-day standard and the biweekly technical meetings to resume ¹. If Treasury does not respond, the Board has tools under PROMESA to escalate, though this letter announced no sanctions ¹. Also pending is how the Board will assess legislative bills that affect revenue, such as P. de la C. 952 ².

Sources

1. Metro Puerto Rico, "Junta de Supervisión Fiscal reclama a Hacienda informes de recaudos atrasados," November 3, 2026.
2. Metro Puerto Rico, "Junta rechaza alivio contributivo de Johnny Méndez a inversionistas españoles," November 6, 2026.
3. El Vocero, "AAFAF y Junta de Supervisión Fiscal discuten panorama económico de Puerto Rico para 2027," November 5, 2026.
4. Financial Oversight and Management Board for Puerto Rico, documents and letters (oversightboard.pr.gov).