April 14, 2021

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Government allocates over 21 million dollars to municipalities

Photo: Steven Vance / Visualhunt

San Juan – The Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF) authorized the disbursement of 21.2 million dollars of the excesses of the Sales and Use Tax Redemption Fund (SUT) for the municipalities of Puerto Rico, it was reported on Thursday .

In this way, 40 municipalities will be able to use the excesses of the fund to meet the needs of each municipality immediately.

“These are some of the steps that we work directly with our mayors so that they can attend to the pressing needs of their municipalities. At the AAFAF we will continue working with municipal executives from our role as fiscal agent, financial advisor and information agent for the 78 municipalities, ”said AAFAF executive director Omar Marrero in written communication.

He pointed out that the excesses identified from the SUT Redemption Fund available to municipalities may be disbursed to cover, among other needs, emergency expenses related to COVID-19, and in turn, provide aid to communities, centralize state efforts or municipal in order to minimize the risk of contagion, safeguard lives, in addition, for prevention measures.

Disbursements of the excess of the SUT Redemption Fund, established through the “Municipal Financing Regulations”, may be requested by the municipalities at any time and as many times as they deem necessary, without the restriction of having to pay debts in the first instance with government entities or public corporations.

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