Puerto Rico

Public finance

Puerto Rico's annual budget is prepared by the Bureau of Budget and Management and submitted by the governor to the legislature, which has unlimited power to amend it. The fiscal year extends from 1 July to 30 June.

In 1959/60, transfers from the US government amounted to $44 million, or less than 13% of all revenues. By 1972/73, receipts from the US government represented 23% of all revenues; by 1977/78, more than 29%. In 1995/96 intergovernmental transfers from the US government amounted to $2.9 billion, or 30.0% of the commonwealth government's receipts.

Puerto Rico's revenues were $6.7 billion, with expenditures of $9.6 billion during 1999/2000.

Of expenditures, 3.3% were assigned to economic development and 26.2% to public housing and welfare; education accounted for 25.4% of the central government's expenditures.