Monday, October 3, 2016

Latest Casualty of Puerto Rico Cash Grab is University System - Michelle Kaske, Bloomberg

The University of Puerto Rico risks becoming the next casualty in the commonwealth’s fiscal crisis as the school’s employees and creditors look to grab any available funds with the pending federal oversight of the island’s finances raising the specter of spending cuts. Puerto Rico directs nearly $1 billion annually to the 11-campus system, accounting for about 70 percent of the school’s budget. Everyone from employees to investors are speculating that the commonwealth will need to scale back support as other expenses mount and the new federal control board seeks to put an end to the island’s more than 10-year trend of borrowing to close budget gaps.

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