Board certifies CRIM’s 2023 Fiscal Plan (FY2024–FY2028)

The Financial Oversight Board (FOMB) certified on May 22, 2023, the 2023 Fiscal Plan of the Municipal Revenue Collection Center (CRIM), covering fiscal years 2024 through 2028. The document updates the plans certified in 2020, 2021 and 2022 and sets measures to improve collection of real and personal property taxes that CRIM distributes among the 78 municipalities.

According to the plan, the real-property tax base grows about 1% a year. Current-year collection reached an estimated 70% in FY2023, up from a low of 65% in FY2020, still below other U.S. jurisdictions. The Board aims for an 8.4-point gain over five years, to about 77%, which would translate into some 70 million a year in additional collections.

The plan recalls the FY2022 Tax Relief Program, which brought in 217 million in past-due debts by offering discounts and forgiving interest and surcharges. For FY2024 CRIM projects a Delinquency Management Office (DMO) focused on proactive collection and, when needed, foreclosure.

On the cadastre and new bills (planimetric project and registry upgrades), the plan revises incremental projected collections down 13%: the revised annual run-rate lands at 291 million for FY2026 (earlier figures ran near 298–331 million). As of February 2023, CRIM reported 6.3 million collected on 79.9 million in incremental billings, with taxpayer disputes among the factors behind low collection.

Personal-property tax — including inventory, about 237 million or 53% of what was billable in FY2022 — typically collects above 90%. The plan requires CRIM to keep analyzing any inventory reform with the municipalities. Certifying a fiscal plan is not disbursing federal funds or liquidating debt: it is the framework of projections and measures PROMESA imposes on the instrumentality.