Robert Mujica

The university has not updated its fiscal plan since 2021. After missing this year’s March 24 deadline, it received an extension from the FOMB, but the May 1 final approval date remains unchanged.

The Financial Oversight and Management Board (FOMB) — imposed by the federal government to enforce fiscal discipline over the Puerto Rico government and its agencies — has gone a year without publishing some of its members’ financial disclosure reports, as required by the federal PROMESA law. The board also has not published the financial disclosures of Gov. Jenniffer González, who is subject to the requirement as an ex officio, nonvoting member of the board.

The outlook is grim. The U.S. Department of Homeland Security has announced that its secretary will now personally review any grant or contract award exceeding $100,000 before the funds can be committed, the agency told the Centro de Periodismo Investigativo.

The hearing in Washington on the Fiscal Oversight Board leaves everything unchanged. Members of Congress “evaluated” the Board’s performance with rhetorical questions, lacking specific benchmarks and offering no proposals for change.

Far from seeking its exit, the Fiscal Control Board is at its peak integration with the Puerto Rico government. At a time when each side has its interpretation of what PROMESA requires, it seems unlikely that the Board will leave on its terms.