00557629; 1

UNANIMOUS WRITTEN CONSENT APPROVING SUBMISSION OF

COMMONWEALTH’S FISCAL YEAR 2019 BUDGET TO THE LEGISLATURE

WHEREAS, on June 30, 2016, the federal Puerto Rico Oversight, Management, and 

Economic Stability Act (“PROMESA”) was enacted; and

WHEREAS section 101 of PROMESA created the Financial Oversight and 

Management Board for Puerto Rico (the “Board”); and

WHEREAS section 202(c) of PROMESA establishes a multi-step procedure for the 

development, review, and approval of a budget for the Commonwealth of Puerto Rico, 

providing that (i) the Governor must submit a proposed budget to the Board; (ii) the Board 

must review the proposed budget and determine, in the Board’s sole discretion, either that 

the proposed budget complies with the applicable fiscal plan or that it does not, in which 

case the Board must issue a notice of violation and recommended revisions, giving the 

Governor an opportunity to correct the violations; (iii) the Governor may then submit a 

revised proposed budget; and (iv) if the Governor fails timely to submit a proposed budget

that the Board determines in its sole discretion is a compliant budget, the Board shall develop 

and submit to the Governor and the Legislature its own compliant budget; and

WHEREAS, on April 19, 2018, the Board certified the fiscal plan for the 

Commonwealth of Puerto Rico as developed by the Board; and

WHEREAS, on May 4, 2018, the Governor submitted a proposed budget for the 

Commonwealth for fiscal year 2019; and

WHEREAS the Board and its advisors held extensive discussions with the 

Governor’s representatives about the proposed budget; and

WHEREAS, after substantial deliberations, on May 10, 2018, the Board sent a notice 

of violation pursuant to PROMESA § 202(c)(1)(B) to the Governor for the Governor’s 

proposed budget for the Commonwealth for fiscal year 2019 as submitted on May 4, 2018; 

and

WHEREAS, on May 18, 2018, the Governor submitted a revised proposed budget 

for the Commonwealth for fiscal year 2019; and

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00557629; 1 2

WHEREAS the Board and its advisors held extensive discussions with the 

Governor’s representatives about the revised proposed budget; and

WHEREAS, on May 30, 2018, the Board approved certain revisions to the 

previously certified fiscal plan for the Commonwealth and re-certified the fiscal plan as so 

revised; and

WHEREAS, on June 1, 2018, the Government submitted to the Board the draft 

resolutions for the General Fund and Special Appropriations for the Commonwealth’s fiscal 

year 2019 budget (collectively, the “Budget Resolutions”); and

WHEREAS, after substantial deliberations, the Board determined that the Budget 

Resolutions do not reflect a compliant budget as required by PROMESA § 202(c)(2) and 

has developed a revised compliant budget which is attached hereto as exhibit 1, in 

accordance with PROMESA § 202(c)(2) (the “Revised Compliant Budget”);

NOW, THEREFORE, IT IS HEREBY RESOLVED that the Board submits the 

Revised Compliant Budget as required by PROMESA § 202(c)(2) to the Governor and the 

Legislature. 

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00557629; 1 3

Dated: June 5, 2018 __________________________________

José B. Carrión, Chair

Dated: June 5, 2018 __________________________________

Andrew G. Biggs

Dated: June 5, 2018 __________________________________

Carlos M. García

Dated: June 5, 2018 __________________________________

Arthur J. González

Dated: June 5, 2018 __________________________________

José R. González

Dated: June 5, 2018 __________________________________

Ana J. Matosantos

Dated: June 5, 2018 __________________________________

David A. Skeel, Jr.

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