The disclosures marks significant step in restoring timely financial reporting
Puerto Rico’s fiscal authorities have published the government’s audited financial statements for fiscal year 2023, a milestone that also includes the long‑awaited audit of the Puerto Rico Electric Power Authority (PREPA).
The disclosure, announced by the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), marks a significant step toward restoring timely financial reporting after years of delays across major public entities.
The audited statements for both the central government and PREPA, covering the period ending June 30, 2023, are now available on the Municipal Securities Rulemaking Board’s EMMA system. AAFAF serves as the government’s official Reporting Agent for municipal market disclosures.
Completion of PREPA’s audit had been stalled for months, in part due to pending information required from LUMA Energy, which has yet to issue a response. Because PREPA is a major component unit within the government’s consolidated financials, the delay prevented the central government from issuing its own audited statements until now.
AAFAF Executive Director and La Fortaleza Chief of Staff Francisco J. Domenech said the release represents meaningful progress in bringing Puerto Rico back into compliance with municipal market disclosure standards. He noted that the government aims to achieve timely issuance of audited statements across all agencies and public corporations, consistent with Government Finance Officers Association (GFOA) benchmarks and the requirements outlined by the Financial Oversight and Management Board under Section 209 of PROMESA.
With FY2023 now complete, AAFAF plans to accelerate the audits for fiscal years 2024 and 2025 to restore full compliance with the reporting deadlines established in the government’s 2022 debt adjustment plan. Those agreements require regular, punctual disclosure to investors as part of Puerto Rico’s post‑restructuring obligations.
AAFAF described the latest release as a key step toward rebuilding investor confidence and strengthening transparency in the government’s financial operations.
The agency cautioned that forward‑looking statements regarding future audit timelines remain subject to the completion of ongoing audit and disclosure processes.
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