Comptroller OC-27-19: 98% of bonds to debt; 1.93 billion without evidence of use

On August 18, 2026, Comptroller Carmen A. Vega Fournier publishes Audit Report OC-27-19 on the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF) and bond issuances. The period examined runs from July 1, 2020, to June 30, 2024 and covers fiscal operations tied to issuances and refinancings of the Commonwealth, the Government Development Bank, the Public Finance Corporation, the Public Buildings Authority (PBA), the Infrastructure Financing Authority, COFINA, the Highways and Transportation Authority (HTA) and the Electric Power Authority. This is OC-27-19 on bond issuances. It is not OC-27-20 on Vieques. Separate pots.

The audit identified that 98 percent of funds received from the issuances examined went to payment of debts, notes and credit lines, while 2 percent was used for capital improvements. Several refinanced issuances did not generate the expected savings: losses of 123.2 million dollars and increases of 3,360 million in debt-service cost from refinancing. Evidence deficiencies were also found: use of 1,934,862,171 dollars from bond issuances and of 9,035,992,022 from credit lines and other debts could not be corroborated, because supporting documents were not provided. Without that evidence it could not be confirmed whether disbursements were made for the authorized purposes.

In multiple instances essential documents were unavailable, incomplete or not retained under Regulation 4284 of 1990. The absence affected evaluation at entities such as the Treasury Department, AAFAF itself, COFINA, PBA and HTA. The Comptroller recommends retaining evidence, unifying documentation and evaluation, complying with regulations and grounding future debt decisions in complete analyses. A documentation finding is not a sentence.

What remains is the 98/2 fund use, 123.2 million in refinancing losses, 3,360 million increase in debt service, 1.93 billion and 9.04 billion without corroborated evidence, and a no to OC-27-20 on Vieques. A reader who wants OC-27-19 on the 18th has the OCPR URL at the foot. This is not original reporting.

Fuente: Oficina del Contralor. https://www.ocpr.pr.gov/comunicados-de-prensa/informe-de-auditoria-oc-27-19-autoridad-de-asesoria-financiera-y-agencia-fiscal-emisiones-de-bonos