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FY2021-2025 Fiscal Plan for the Municipality of Isabela

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FY2021-2025 Fiscal Plan for the Municipality of Isabela FY2021-2025 Fiscal Plan for the Municipality of Isabela As certified by the Financial Oversight and Management Board for Puerto Rico on June 29, 2020 Contents Disclaimer ......................................................................................................... 4 Executive Summary .......................................................................... 5 Socioeconomic Context ..................................................................... 7 Budget Highlights and Financial Projections .................................... 9 General Fund Forecast........................................................................................................ 9 General Fund baseline revenue overview and projections .............................................. 10 Intergovernmental Transfers ................................................................................... 10 Property Tax ............................................................................................................. 11 Business Licenses ..................................................................................................... 11 Sales and Use Tax (“SUT”) ...................................................................................... 12 All Other General Fund Income Streams ................................................................ 12 General Fund baseline expense overview and projections .............................................. 12 Municipality Overall Payroll .................................................................................... 12 Finance Department ................................................................................................ 14 Public Works Department ....................................................................................... 14 Municipal Police ...................................................................................................... 14 Mayor’s Office .......................................................................................................... 15 Pension .................................................................................................................... 15 Debt service ....................................................................................................................... 15 CAE .......................................................................................................................... 15 Bonds Payable.......................................................................................................... 16 The Community Disaster Loan (“CDL”) Debt ......................................................... 16 Debt Limitation ....................................................................................................... 16 Act 29 Nullification ........................................................................................................... 17 Fiscal Measures .............................................................................. 18 CRIM Driven Measures .................................................................................................... 19 Revenue Measures ............................................................................................................ 19 Property Tax Collection Rates.................................................................................. 19 Maximize Federal, State and Non-Government agency Funds and Grants ............ 21 Expenditure Measures ...................................................................................................... 22 Regional solid waste system..................................................................................... 22 Regional Municipal Road Maintenance Cost Share Program ................................. 23 Regional Procurement Service ................................................................................ 23 Donations and Contributions .................................................................................. 24 Personnel Cost Reductions ...................................................................................... 25 Economic Development Measures .................................................. 26 Industrial Development Opportunities ............................................................................ 26 Hospitality and Tourism................................................................................................... 26 Attract and Expand Business Interests ............................................................................ 27 Workforce Development ................................................................................................... 27 Permitting Consortium ..................................................................................................... 28 Economic Development Administration (“EDA”) Planning and Local Technical Assistance Programs ........................................................................................................ 28 Regional Transit Service Consortium of the North Region ............................................. 29 Cooperative Agreements with Third Parties or Stakeholders ......................................... 29 Disaster Recovery ........................................................................... 31 The COVID-19 Pandemic .................................................................................................. 31 COVID-19 related funding ........................................................................................ 31 Additional appropriations ........................................................................................ 31 Hurricanes Irma and Maria............................................................................................. 31 FEMA Funds ............................................................................................................ 32 HUD Funds .............................................................................................................. 32 Implementation Plan ...................................................................... 35 Revenue Measures ............................................................................................................ 35 Property Tax Collection Rates .................................................................................. 35 Maximize Federal, State and Non-Government Agency Funds and Grants ............ 35 Expenditure Measures ...................................................................................................... 35 Regional solid waste system ..................................................................................... 35 Regional Municipal Road Maintenance Cost Share Program ................................. 36 Regional Procurement Service ................................................................................ 36 Donations and Contributions .................................................................................. 36 Personnel Cost Reductions ...................................................................................... 37 Economic Development Measures .................................................................................... 37 Industrial Development Opportunities .................................................................... 37 Hospitality and Tourism .......................................................................................... 37 Attract and Expand Business Interests ................................................................... 38 Workforce Development .......................................................................................... 38 Permitting Consortium ............................................................................................ 38 Economic Development Administration (“EDA”) Planning and Local Technical Assistance Programs ................................................................................................ 38 Regional Transit Service Consortium of the North Region ..................................... 39 Cooperative Agreements with Third Parties or Stakeholders ................................. 39 Disaster Recovery ............................................................................................................. 39 City Revitalization .................................................................................................... 39 Municipal Recovery Planning .................................................................................. 39 Budget Reporting .............................................................................................................. 39 Municipal Reporting ........................................................................................................ 40 Appendix ........................................................................................ 41 Appendix: Socioeconomic Context .................................................................................... 41 Appendix: Disaster Recovery ........................................................................................... 43 Appendix: General Fund Baseline and Revenue .............................................................. 44 Appendix: Municipal Fiscal Budget Forecast Methodology, Data Sources, Caveats and Limitations. ....................................................................................................................... 44 Methodology ...........................................................................................................
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