DOCSLIB.ORG

Commonwealth of Puerto Rico

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Commonwealth of Puerto Rico Commonwealth of Puerto Rico Comprehensive Annual Financial Report Year Ended June 30, 2012 COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 2012 Commonwealth of Puerto Rico Honorable Alejandro García Padilla Governor Prepared by: Puerto Rico Department of the Treasury Melba Acosta Febo, CPA, Esq. Secretary of the Treasury Karolee García Figueroa, CPA, Esq. Under Secretary of the Treasury This document is available on the Puerto Rico Department of the Treasury homepage On the World Wide Web: http://www.hacienda.gobierno.pr COMMONWEALTH OF PUERTO RICO TABLE OF CONTENTS Page Part I: Introductory Section (Unaudited) LETTER OF TRANSMITTAL 1–13 PRINCIPAL OFFICIALS 14 ORGANIZATIONAL CHART 15 Part II: Financial Section INDEPENDENT AUDITORS’ REPORT 17–19 MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 20–33 BASIC FINANCIAL STATEMENTS: Government-Wide Financial Statements: Statement of Net Assets (Deficit) 34–35 Statement of Activities 36–37 Fund Financial Statements: Balance Sheet — Governmental Funds 38–39 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets (Deficit) 40 Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficit) — Governmental Funds 41–42 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficit) of Governmental Funds to the Statement of Activities 43 Statement of Revenues and Expenditures — Budget and Actual — Budget Basis — General Fund 44 Statement of Net Assets (Deficit) — Proprietary Funds 45 Statement of Revenues, Expenses, and Changes in Fund Net Assets (Deficit) — Proprietary Funds 46 Statement of Cash Flows — Proprietary Funds 47–48 Statement of Fiduciary Net Assets — Fiduciary Funds 49 Statement of Changes in Fiduciary Net Assets — Pension Trust Funds 50 Combining Statement of Net Assets (Deficit) — Major Component Units 51–54 Combining Statement of Activities — Major Component Units 55 Notes to Basic Financial Statements 56–238 Required Supplementary Information (Unaudited): SCHEDULE OF FUNDING PROGRESS — RETIREMENT SYSTEMS 240 SCHEDULE OF FUNDING PROGRESS — POSTEMPLOYMENT HEALTHCARE BENEFITS 241 Supplementary Information: Combining and Individual Fund Financial Statements and Schedules: GENERAL FUND: Supplemental Schedule of Expenditures by Agency — Budget and Actual — Budget Basis 244–246 NONMAJOR GOVERNMENTAL FUNDS: Combining Balance Sheet 249–250 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 251 NONMAJOR PROPRIETARY FUNDS: Combining Statement of Net Assets 253 Combining Statement of Revenues, Expenses, and Changes in Net Assets 254 Combining Statement of Cash Flows 255 FIDUCIARY FUNDS: Combining Statement of Fiduciary Net Assets — Pension Trust Funds 257 Combining Statement of Changes in Fiduciary Net Assets — Pension Trust Funds 258 Combining Statement of Changes in Assets and Liabilities — Agency Funds 259 NONMAJOR DISCRETELY PRESENTED COMPONENT UNITS: Combining Statement of Net Assets (Deficit) 261–278 Combining Statement of Activities 279 Part III: Statistical Section (Unaudited): SCHEDULES OF FINANCIAL TREND INFORMATION: Changes in Net Assets (Deficit) for the Last Ten Fiscal Years 283–284 Net Assets (Deficit) by Component for the Last Ten Fiscal Years 285 Changes in Fund Balances (Deficit) of Governmental Funds all Governmental Fund Types for the Last Ten Fiscal Years 286 Fund Balances (Deficit) of Governmental Funds for the Last Ten Fiscal Years 287 SCHEDULE OF REVENUE CAPACITY INFORMATION — General Fund Net Revenues for the Last Ten Fiscal Years 289–290 SCHEDULES OF DEBT CAPACITY INFORMATION: Legal Debt Margin Information for the Last Ten Fiscal Years 292 Ratio of Annual Debt Service for General Bonded Debt to Total General Expenditures for the Last Ten Fiscal Years 293 SCHEDULES OF DEMOGRAPHIC AND ECONOMIC INFORMATION: Demographic and Economic Statistics for the Last Ten Fiscal Years 295 Average Employment by Sector for the Last Ten Fiscal Years 296 Tourism Indicators for the Last Ten Fiscal Years 297 SCHEDULE OF OPERATING INFORMATION — Operating Indicators by Function for the Last Ten Fiscal Years 299 INTRODUCTORY SECTION Commonwealth of Puerto Rico DEPARTMENT OF THE TREASURY San Juan, Puerto Rico Melba I. Acosta Febo, Esq. Secretary of the Treasury September 16, 2013 To the People of the Commonwealth of Puerto Rico, Gov. Alejandro García Padilla and Members of the Legislature: The Comprehensive Annual Financial Report (CAFR) of the Commonwealth of Puerto Rico (the “Commonwealth”) for the fiscal year ended June 30, 2012 is submitted herewith in accordance with our responsibilities of reporting the Commonwealth’s financial activities. To the best of my knowledge, the information presented provides a reasonable understanding of the state’s financial activities. This report reflects my commitment to you, the citizens of the Commonwealth, to our Governor, to our elected officials and to the financial community to maintain and disclose our financial statements in a manner which fully conforms with accounting principles generally accepted in the United States of America (USGAAP) as established by the Governmental Accounting Standards Board (GASB). The report is comprised of three main sections. The Introductory Section includes this letter of transmittal, general information about the Commonwealth, a list of the Commonwealth’s principal elected and appointed officials, as well as an organizational chart. The Financial Section consists of the independent auditors’ report, management’s discussion and analysis (MD&A), the audited basic financial statements as listed in the table of contents with the notes thereto and the required supplementary information. The Statistical Section set forth contains selected unaudited financial and demographic information for the Commonwealth on a multiyear basis. PROFILE OF THE COMMONWEALTH As the governmental entity responsible for the preparation of this report, the Puerto Rico Department of the Treasury relies on information provided by the Commonwealth’s financial and accounting management, in charge of ensuring that assets are safeguarded and financial transactions are properly recorded and adequately documented. The responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Commonwealth’s management. To the best of our knowledge and belief, the information presented is accurate in all material respects and is presented in conformity with US GAAP. The presentation is designed to set forth the financial position and the results of operations of the governmental activities, the business-type activities, the aggregate discretely presented component units, the major funds, as well as the aggregate remaining funds of the Commonwealth as of June 30, 2012 with the respective changes in financial position and cash flows thereof, where applicable, and the respective budgetary comparison for the General Fund for the year then ended. We have included all the necessary disclosures to enable the reader to gain a thorough understanding of the Commonwealth’s activities. - 1 - The financial reporting entity consists of the primary government as defined below, other organizations for which the primary government is financially accountable, and other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. The definition of the reporting entity is based primarily on the notion of financial accountability. A primary government is financially accountable for the organizations that make up its legal entity. It is also financially accountable for legally separate organizations if its officials appoint a voting majority of an organization’s governing body and it is able to either impose its will on that organization or if the organization can potentially provide specific financial benefits to or impose specific financial burdens on the primary government. A primary government may also be financially accountable for governmental organizations that are fiscally dependent on it. Certain component units, despite being legally separate from the primary government, are blended with the primary government. Blended component units provide services exclusively to the Commonwealth and, thus, are reported as if they were part of the primary government. The Commonwealth has four blended component units. Discretely presented component units are legally separate from the primary government and are reported as such because the Commonwealth appoints a majority of their governing bodies and either is able to impose its will on them or the existence of a financial benefit/burden situation is verifiable. Both major and non-major discretely presented component units are reported in a separate column in the government- wide financial statements to emphasize that they are not part of the primary government and to differentiate their financial position and results of operations from those of the primary government. The Commonwealth has 49 discretely presented component units of which six are considered major component units and 43 non-major component units. In addition, the Commonwealth has three (3) fiduciary component units which have been omitted from the government-wide financial statements, as their resources are not available to fund the operations of the Commonwealth. Generally, each component unit issues audited
Load more

Recommended publications
  • State of Georgia Organizational Change Manageme Nt / 3
    Commonwealth of Puerto Rico Tax Reform Assessment Project Case for Change May 6, 2014 Table of Contents 1 Introduction 3 2 Current Economic Conditions in Puerto Rico 5 3 The Case for Change 13 4 Overview of the Current Tax System 21 5 Conclusion 44 6 Appendix A 45 7 Appendix B 72 Restriction on Disclosure and Use of Data – This document contains confidential or proprietary information of KPMG LLP, the disclosure of which would provide a competitive advantage to others; therefore, the recipient shall not disclose, use, or duplicate this document, in whole or in part, for any purpose other than recipient's consideration of KPMG LLP's proposal. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. © 2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 1 Introduction On August 17, 2013, the Governor of the Commonwealth of Puerto Rico issued an Executive Order creating a Tax Reform Advisory Group to analyze the current tax system, its rules and administration and report its conclusions and recommendations to build an effective and fair tax system. The Executive Order explicitly recognized the need to take measures to address the fiscal crisis facing the Commonwealth. It also implied that those measures should not have an adverse impact on the working class or consumers. The Executive Order enumerated
    [Show full text]
  • Pr Final Dec Revenues-02-03-2014
    PRESS RELEASE Office of the Secretary February 3, 2014 Email: [email protected] Contact: María E. Quintero Tel: 787-398-0486 / 724-0290 PUERTO RICO TREASURY SECRETARY ANNOUNCES FINAL DECEMBER REVENUES THAT ARE $12 MILLION HIGHER THAN PRELIMINARY FIGURE; REVISES REVENUE ESTIMATES FOR THE SECOND HALF OF FISCAL YEAR 2013-14 (San Juan, Puerto Rico) – Treasury Secretary Melba Acosta Febo today reported that final net revenues of the General Fund for the month of December 2013 totaled $925 million. After completing all accounting processes, the final revenues were $12 million higher than the preliminary figure announced in early January. The December revenues were up $203 million, or 28%, over December 2012. Cumulative revenues for the first semester of the current fiscal year 13-14 (July-December) were up $537 million or 15.7% from the same period last fiscal year. Revenues were $93 million over budget for the same period, up from the previously reported $80 million over budget. In regards to the sale and use tax (“SUT”), Acosta Febo reaffirmed that the December revenues totaled $107.7 million, the highest amount since the SUT was implemented in November 2006. The increase was $7.9 million or 7.9 percent higher compared to last year. Cumulative revenues this year were up $35.5 million or 6.2% from the same period last fiscal year Acosta Febo also announced that the distribution of the revenue estimate for the remainder of fiscal year 2013-14 has been revised. The revenue estimate included in the 2013-14 budget included several revenue measures for which there was no prior experience.
    [Show full text]
  • 1- UNITED STATES DISTRICT COURT DISTRICT of PUERTO RICO ADA MERCEDES CONDE VIDAL and IVONNE ÁLVAREZ VÉLEZ; MARITZA LÓPEZ
    Case 3:14-cv-01253-PG Document 7 Filed 06/25/14 Page 1 of 34 UNITED STATES DISTRICT COURT DISTRICT OF PUERTO RICO ADA MERCEDES CONDE VIDAL and IVONNE ÁLVAREZ VÉLEZ; MARITZA LÓPEZ AVILES and IRIS DELIA RIVERA RIVERA; JOSÉ A. TORRUELLAS IGLESIAS and THOMAS J. ROBINSON; ZULMA OLIVERAS VEGA and YOLANDA ARROYO PIZARRO; JOHANNE VÉLEZ GARCÍA and FAVIOLA MELÉNDEZ RODRÍGUEZ; and PUERTO RICO PARA TOD@S, No. 3:14-cv-01253 Plaintiffs, v. AMENDED COMPLAINT ALEJANDRO J. GARCIA PADILLA, in his FOR INJUNCTIVE AND official capacity as Governor of the DECLARATORY RELIEF Commonwealth of Puerto Rico; ANA RIUS ARMENDARIZ, in her official capacity as Secretary of the Health Department of the Commonwealth of Puerto Rico; WANDA LLOVET DIAZ, in her official capacity as Director of the Commonwealth of Puerto Rico Registrar of Vital Records; and MELBA ACOSTA FEBO, in her official capacity as Director of the Treasury in Puerto Rico, Defendants. Plaintiffs Ada Mercedes Conde Vidal and Ivonne Álvarez Vélez, by and through their attorney; and Plaintiffs Maritza López Aviles and Iris Delia Rivera Rivera; José A. Torruellas Iglesias and Thomas J. Robinson; Zulma Oliveras Vega and Yolanda Arroyo Pizarro; Johanne Vélez García and Faviola Meléndez Rodríguez; and Puerto Rico Para Tod@s, an organization (collectively “Plaintiffs”), by and through their attorneys, file this Amended Complaint against Defendants Alejandro J. García Padilla, Ana Rius Armendariz, Wanda Llovet Diaz, and Melba Acosta Febo (collectively “Defendants”), and allege as follows: -1- Case 3:14-cv-01253-PG Document 7 Filed 06/25/14 Page 2 of 34 INTRODUCTION 1. Plaintiffs, all residents of the Commonwealth of Puerto Rico (“Commonwealth” or “Puerto Rico”), are five loving, committed same-sex couples who reside in Puerto Rico (“Plaintiff Couples”) and an organization that represents lesbian, gay, bisexual, transsexual and transgender (“LGBT”) people and their families in their struggle for social inclusion, equality and fairness in Puerto Rico.
    [Show full text]
  • United States District Court District of Puerto Rico
    Case 3:16-cv-01037 Document 1 Filed 01/07/16 Page 1 of 37 UNITED STATES DISTRICT COURT DISTRICT OF PUERTO RICO ASSURED GUARANTY CORP., ASSURED GUARANTY MUNICIPAL CORP., and AMBAC ASSURANCE CORPORATION, No. 16-cv-1037 Plaintiffs, -against- ALEJANDRO GARCÍA PADILLA, JUAN C. ZARAGOZA GÓMEZ, INGRID RIVERA ROCAFORT, MELBA ACOSTA FEBO, LUIS F. CRUZ BATISTA, VÍCTOR A. SUÁREZ MELÉNDEZ, CÉSAR A. MIRANDA RODRÍGUEZ, JUAN FLORES GALARZA, and JOHN DOES 1-40, Defendants. COMPLAINT FOR DECLARATORY AND INJUNCTIVE RELIEF Plaintiffs Assured Guaranty Corp. (“AGC”), Assured Guaranty Municipal Corp., f/k/a Financial Security Assurance Inc. (“AGM” and, together with AGC, “Assured”), and Ambac Assurance Corporation (“Ambac” and, together with Assured, “Plaintiffs”), by their attorneys Casellas Alcover & Burgos P.S.C., Cadwalader, Wickersham & Taft LLP, Ferraiuoli LLC, and Milbank, Tweed, Hadley & McCloy LLP, for their Complaint against defendants Hon. Alejandro García Padilla, Hon. Juan C. Zaragoza Gómez, Hon. Ingrid Rivera Rocafort, Hon. Melba Acosta Febo, Hon. Luis F. Cruz Batista, Hon. Víctor A. Suárez Meléndez, Hon. César A. Miranda Rodríguez, Hon. Juan Flores Galarza, and John Does 1-40 (collectively, “Defendants”), allege as follows: Case 3:16-cv-01037 Document 1 Filed 01/07/16 Page 2 of 37 NATURE OF THIS ACTION 1. The executive orders (the “Executive Orders”) issued on November 30, 2015 and December 8, 2015 by The Honorable Governor García Padilla are unconstitutional. Through this action, Plaintiffs seek a declaratory judgment that the Executive Orders violate the Constitution of the United States of America (the “United States Constitution”) and are without force or effect. Plaintiffs also seek an injunction enjoining Defendants from taking or causing to be taken any and all actions pursuant to the Executive Orders because such actions will constitute violations of Plaintiffs’ constitutionally-protected property interests and contractual rights.
    [Show full text]
  • 1 in the UNITED STATES DISTRICT COURT for the DISTRICT of PUERTO RICO WAL-MART PUERTO RICO, INC., ) ) Plaintiff, ) ) V. ) Case
    Case 3:15-cv-03018-JAF Document 48 Filed 01/04/16 Page 1 of 17 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF PUERTO RICO WAL-MART PUERTO RICO, INC., ) ) Plaintiff, ) ) v. ) Case No. 3:15-cv-03018-JAF ) JUAN C. ZARAGOZA-GÓMEZ, in his official ) capacity as Secretary of the Treasury of the ) Commonwealth of Puerto Rico, ) ) Defendant. ) JOINT PLAN FOR DISCOVERY Pursuant to this Court’s orders the parties respectfully submit this Joint Plan for discovery on jurisdiction and the merits. Meet and Confers Counsel for both parties met and conferred telephonically about this plan on December 28, December 30, and January 4. Counsel have succeeded in reaching agreement on some important issues—including a joint proposed protective order, submitted concurrently herewith. Counsel for both parties continue to meet and confer in good faith to resolve the outstanding discovery issues that remain. Counsel respectfully request additional time for these conferences, and will submit updates to this plan when additional dates and details are confirmed. The parties’ respective positions are set forth in more detail below. Wal-Mart PR’s Proposed Discovery Plan 1. During the December 28 meet-and-confer, Wal-Mart PR suggested that counsel for the Secretary propose topics for deposition, and Wal-Mart PR would then find persons 1 Case 3:15-cv-03018-JAF Document 48 Filed 01/04/16 Page 2 of 17 knowledgeable about those topics to testify. In response, on December 30, counsel for the Secretary stated that he wished to depose the following persons: Wal-Mart PR’s “external auditor”; Wal-Mart PR’s “controller” or “CFO”; and an employee of the parent company, Wal- Mart Stores, Inc., with knowledge of the transfer pricing policies between that company and Wal-Mart PR.
    [Show full text]
  • IN the UNITED STATES DISTRICT COURT for the DISTRICT of PUERTO RICO WAL-MART PUERTO RICO, INC., ) ) Plaintiff, ) ) V. ) Case
    Case 3:15-cv-03018-ADC Document 1 Filed 12/04/15 Page 1 of 36 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF PUERTO RICO WAL-MART PUERTO RICO, INC., ) ) Plaintiff, ) ) v. ) Case No. _____________________ ) JUAN C. ZARAGOZA-GÓMEZ, in his official ) capacity as Secretary of the Treasury of the ) Commonwealth of Puerto Rico, ) ) Defendant. ) ORIGINAL COMPLAINT FOR DECLARATORY AND INJUNCTIVE RELIEF This is a civil action challenging the legality of certain new Puerto Rico tax laws, which violate the Commerce Clause, Equal Protection Clause, and Bill of Attainder Clause of the U.S. Constitution, and the Federal Relations Act, 48 U.S.C. § 741a. Plaintiff Wal-Mart Puerto Rico, Inc. (referred to as “Wal-Mart PR”), by and through its undersigned counsel, alleges as follows: INTRODUCTION 1. Wal-Mart PR is a critical contributor to the economy of Puerto Rico. More Puerto Ricans work for Wal-Mart PR than for any other private employer. Wal-Mart PR collects more sales tax on behalf of the Commonwealth than any other company or entity. Every year, Wal-Mart PR purchases $1.6 billion dollars of products from Puerto Rican vendors and suppliers. Wal-Mart PR supports the local community by providing millions of dollars of grants each year to charitable causes in Puerto Rico. Wal-Mart PR has been a very good corporate citizen and a backbone of the local economy. Unfortunately, in response to the Commonwealth’s current financial crisis, the government of Puerto Rico has shortsightedly and illegally targeted Wal-Mart PR with an extraordinarily onerous and unconstitutional “income” Case 3:15-cv-03018-ADC Document 1 Filed 12/04/15 Page 2 of 36 tax.
    [Show full text]
  • Unified Tax Code of Puerto Rico: Tax Policy Implementation Options Executive Summary October 31, 2014
    Commonwealth of Puerto Rico Tax Reform Assessment Project Unified Tax Code of Puerto Rico: Tax Policy Implementation Options Executive Summary October 31, 2014 Table of Contents 1.1 Scope of Report ........................................................................................................ 1 1.2 Methodology............................................................................................................. 2 1.3 Summary of Principal Findings.................................................................................. 6 1.4 Options ................................................................................................................... 11 1.5 Summary of Projections ......................................................................................... 14 1.6 Transition ................................................................................................................ 16 KPMG’s role is limited to the services and deliverables articulated in the Contract for Professional Services dated March 18, 2014 as subsequently amended (the “Engagement Contract”). It is understood that any actions taken by the Government of the Commonwealth of Puerto Rico related to these services and deliverables may involve numerous factors that are outside of the Contract’s scope. KPMG’s services and deliverables cannot take such factors into account and, therefore, recommendations for such actions are not implied and should not be inferred from these services and deliverables. Further, while such deliverables may
    [Show full text]
  • Commonwealth Financial Information and Operating Data Report
    COMMONWEALTH OF PUERTO RICO Financial Information and Operating Data Report October 30, 2014 CR 10.30.14 (4); 1 00185871; 1 TABLE OF CONTENTS Page INTRODUCTION .......................................................................................................................... 1 Forward-Looking Statements................................................................................................. 1 BASIC FACTS ABOUT THE COMMONWEALTH ................................................................... 3 Location and Population ........................................................................................................ 3 Relationship with the United States ....................................................................................... 3 Official Languages ................................................................................................................. 3 Government............................................................................................................................ 4 Fiscal Year ............................................................................................................................. 4 General Fund .......................................................................................................................... 4 Principal Officers Responsible for Fiscal Matters ................................................................. 4 RECENT EVENTS ........................................................................................................................
    [Show full text]
  • Commonwealth of Puerto Rico
    Commonwealth of Puerto Rico Comprehensive Annual Financial Report Year Ended June 30, 2012 COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 2012 Commonwealth of Puerto Rico Honorable Alejandro García Padilla Governor Prepared by: Puerto Rico Department of the Treasury Melba Acosta Febo, CPA, Esq. Secretary of the Treasury Karolee García Figueroa, CPA, Esq. Under Secretary of the Treasury This document is available on the Puerto Rico Department of the Treasury homepage On the World Wide Web: http://www.hacienda.gobierno.pr COMMONWEALTH OF PUERTO RICO TABLE OF CONTENTS Page Part I: Introductory Section (Unaudited) LETTER OF TRANSMITTAL 1–13 PRINCIPAL OFFICIALS 14 ORGANIZATIONAL CHART 15 Part II: Financial Section INDEPENDENT AUDITORS’ REPORT 17–19 MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 20–33 BASIC FINANCIAL STATEMENTS: Government-Wide Financial Statements: Statement of Net Assets (Deficit) 34–35 Statement of Activities 36–37 Fund Financial Statements: Balance Sheet — Governmental Funds 38–39 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets (Deficit) 40 Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficit) — Governmental Funds 41–42 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficit) of Governmental Funds to the Statement of Activities 43 Statement of Revenues and Expenditures — Budget and Actual — Budget Basis — General Fund 44 Statement of Net Assets (Deficit) — Proprietary Funds 45 Statement of Revenues,
    [Show full text]
  • Commonwealth of Puerto Rico
    Commonwealth of Puerto Rico Comprehensive Annual Financial Report Year Ended June 30, 2012 COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 2012 Commonwealth of Puerto Rico Honorable Alejandro García Padilla Governor Prepared by: Puerto Rico Department of the Treasury Melba Acosta Febo, CPA, Esq. Secretary of the Treasury Karolee García Figueroa, CPA, Esq. Under Secretary of the Treasury This document is available on the Puerto Rico Department of the Treasury homepage On the World Wide Web: http://www.hacienda.gobierno.pr COMMONWEALTH OF PUERTO RICO TABLE OF CONTENTS Page Part I: Introductory Section (Unaudited) LETTER OF TRANSMITTAL 1–13 PRINCIPAL OFFICIALS 14 ORGANIZATIONAL CHART 15 Part II: Financial Section INDEPENDENT AUDITORS’ REPORT 17–19 MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 20–33 BASIC FINANCIAL STATEMENTS: Government-Wide Financial Statements: Statement of Net Assets (Deficit) 34–35 Statement of Activities 36–37 Fund Financial Statements: Balance Sheet — Governmental Funds 38–39 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets (Deficit) 40 Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficit) — Governmental Funds 41–42 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficit) of Governmental Funds to the Statement of Activities 43 Statement of Revenues and Expenditures — Budget and Actual — Budget Basis — General Fund 44 Statement of Net Assets (Deficit) — Proprietary Funds 45 Statement of Revenues,
    [Show full text]
  • General Obligation Bonds 2014 Series A
    NEW ISSUE - BOOK-ENTRY ONLY RATINGS: Moody’s: Ba2 See RATINGS S&P: BB+ Fitch: BB In the opinion of Bond Counsel, subject to compliance with certain tax covenants, interest on the Bonds is not includable in gross income for federal income tax purposes under existing statutes, regulations, rulings and court decisions. Interest on the Bonds will not be an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations; however, interest on the Bonds will be taken into account in determining adjusted current earnings for purposes of computing the alternative minimum tax imposed on corporations. See TAX MATTERS for a description of certain other federal tax consequences of ownership of the Bonds. Bond Counsel is further of the opinion that the Bonds and the interest thereon are exempt from state, Commonwealth of Puerto Rico and local income taxation. $3,500,000,000 COMMONWEALTH OF PUERTO RICO General Obligation Bonds of 2014, Series A Dated: Date of Delivery Due: July 1, 2035 The General Obligation Bonds of 2014, Series A (the “Bonds”) are issuable as registered bonds without coupons in denominations of $100,000 and any multiple of $5,000 in excess thereof. See “General” under THE BONDS herein for a description of certain events affecting the denominations of the Bonds. The Bonds will be initially registered only in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), which will act as securities depository for the Bonds. See “Book-Entry Only System” under THE BONDS herein and in Appendix IV.
    [Show full text]
  • INFORME ANUAL 2014-2015 Ing
    VOZ Y ACCIÓN de la Empresa Privada INFORME ANUAL 2014-2015 Ing. José M. Izquierdo Encarnación PRESIDENTE CÁMARA DE COMERCIO DE PUERTO RICO, INFORME ANUAL MISIÓN Fortalecer el desarrollo de sus constituyentes proveyendo conocimientos, representatividad multisectorial y protegiendo los valores y fundamentos de la libre empresa. Además, fomentar el desarrollo socioeconómico sostenible de Puerto Rico y una mejor calidad de vida. VISIÓN Crear las condiciones socioeconómicas sustentables que potencien la competitividad de Puerto Rico, promoviendo la innovación y el espíritu empresarial. VALORES Creemos en... “la Libre Empresa” “la Competitividad” “el Desarrollo Económico” “el Diálogo Multisectorial” “el Desarrollo de Nuestros Recursos Humanos” “el Trabajo en Equipo” “el Conocimiento” “la Integridad” “la Excelencia” “la Planificación” “la Innovación” “la Comunicación” “la Necesidad de Adoptar Cambios” © Cámara de Comercio de Puerto Rico. Junio 2015 ING. JOSÉ M. IZQUIERDO ENCARNACIÓN, PRESIDENTE 2014-2015 INFORME ANUAL 2014-2015 Para lograr las metas de desarrollo que beneficien a todos los empresarios y al país, es necesario tener una voz y una acción concertada que nos una y ayude a encauzar las soluciones a los retos y problemas comunes que nos asechan. Ing. José M. Izquierdo Encarnación Prólogo 5 uuu EVENTOS ESPECIALES 49 • Reunión Preparatoria del 26 Congreso Mensaje del Presidente: Hemisférico de Cámaras de Comercio e Ing. José M. Izquierdo Encarnáción 7 Industria Latinas (CAMACOL) • Asamblea Extraordinaria • Foro Televisivo Reforma Contributiva
    [Show full text]