Board votes to double tuition at Puerto Rico university

[Judi Lynn]

Board votes to double tuition at Puerto Rico university
Danica Coto, Associated Press
Updated 12:08 pm, Friday, April 20, 2018


SAN JUAN, Puerto Rico (AP) — A majority of federal control board members voted Friday to more than double tuition at Puerto Rico's largest public university despite heavy criticism the increase will make higher education unaffordable.

Six of seven members also voted to cut benefits at the University of Puerto Rico and consolidate 11 campuses that serve more than 58,000 students on an island mired in an 11-year recession.

"The (university) will no longer be able to afford its status quo operating model," said Natalie Jaresko, executive director of the board created by U.S. Congress.

Government and university officials vowed not to implement certain measures, a day after the board also moved to institute a 10 percent cut to Puerto Rico's public pension system, which is facing nearly $50 billion in liabilities. Jaresko said those cuts are needed because the system is running out of money.

More:
https://www.chron.com/news/education/article/Board-votes-to-double-tuition-at-Puerto-Rico-12851110.php

LBN:
https://www.democraticunderground.com/10142042804

[Judi Lynn]

1. Board reveals austerity measures in Puerto Rico fiscal plans

Board reveals austerity measures in Puerto Rico fiscal plans
Danica Coto, Associated Press
Updated 8:57 pm, Wednesday, April 18, 2018

SAN JUAN, Puerto Rico (AP) — New austerity measures are looming for Puerto Rico as a federal control board overseeing the U.S. territory's finances prepares to approve several fiscal plans this week that will serve as the island's economic blueprint for the next five years.

The plans released Wednesday call for a 10 percent average cut to a pension system facing nearly $50 billion in liabilities. They also seek the closure of prisons, consolidation of dozens of state agencies and significant reductions in government subsidies to the island's 78 municipalities and Puerto Rico's largest public university. The board also said Puerto Rico's government should cut sick leave and vacation pay by half.

"These plans offer a once-in-a-generation opportunity to do things right and turn these trends around," board chairman Jose Carrion said, alluding to years of economic decline, excessive borrowing and fiscal mismanagement followed by the devastation caused by hurricanes Irma and Maria last year.

The fiscal plan for the island's central government estimates Puerto Rico will receive more than $50 billion in federal funds to help rebuild from Hurricane Maria, which killed dozens of people and caused an estimated $100 billion in damage when it hit Sept. 20. The plan also anticipates a more than $6 billion surplus over five years as the island struggles to restructure a portion of its more than $70 billion public debt load amid an 11-year recession. Puerto Rico's financial debt coupled with the pension liabilities are nearly twice the size of its economy.

More:
https://www.chron.com/news/world/article/Board-reveals-austerity-measures-in-Puerto-Rico-12845922.php