David Skeel, Chairman of the Fiscal Control Board – Dennis Jones
The Fiscal Control Board will conclude its pilot program with 10 municipalities as of June 30, the federal agency announced today, Friday.
This program provided important insight into the range of financial problems municipalities face and the deep-seated systemic challenges that must be overcome to enable fiscal sustainability, the agency said in a statement.
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“The pilot program confirmed that the current structure of the municipal financial system is inadequate in light of the many challenges Puerto Rico faces,” Board President David Skeel said, written remarks.
“The Supervisory Board believes that the current municipal financing system must change for municipalities to achieve fiscal sustainability,” he concludes.
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