Tag Archives: CAFR

PR Draft Financials Released Following PR Senate Hearing

by: gil@prnewsroundup.com Following the intense and somewhat antagonistic questioning of witnesses in the Walmart v. Puerto Rico case in federal court two weeks ago, the Senate of Puerto Rico held a hearing Tuesday to obtain information about the delay of Commonwealth’s 2014 financial statements. Puerto Rico’s creditors and members of the US Congress have been waiting for the Commonwealth to …

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Roundup: Cate Long & Gil Hall Discuss This Week’s News & Events in Puerto Rico

In this week’s roundup show, Cate Long and Gil Hall  discuss and analyze events from Puerto Rico. Topics include: A trial in federal court in San Juan regarding an unrelated tax matter (Walmart v. Puerto Rico) requires important figures in Alejandro García Padilla’s cabinet to testify under oath. GDB head Melba Acosta Febo testified on Tuesday. KPMG audit partner Ernesto …

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A technocratic solution to Puerto Rico’s transparency problems

The lack of audited financials for Puerto Rico is a key concern for members of the US Congress and for bond market participants. Five hundred twenty-one days after fiscal year 2014 ended Puerto Rican officials no longer provide an estimate of when the documents will be completed. Today we talk to Giancarlo González to understand what operational and political issues are preventing the Commonwealth from publishing its financials in a …

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GDB corrects $2.3 billion mistake in unaudited financials

Tonight the Government Development Bank of Puerto Rico announced via EMMA that a $1.14 billion figure shown on the Commonwealth’s unaudited financials dated 11-6-2015 as a negative was actually a positive.  The change resulted in an $2.3 billion correction. A one paragraph statement that was released with the new numbers, the core content of which was: This Errata Notice corrects an inadvertent error in the …

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