INDUSTRIAL, TOURIST, EDUCATIONAL, MEDICAL, AND ENVIRONMENTAL CONTROL FACILITIES FINANCING AUTHORITY
LEGAL AUTHORITY
Act. No. 121 of June 27, 1997,
as amended, known as the Puerto Rico Authority for Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Act.
MISSION
Offers different financing alternatives to public and private sectors that promote capital investment, improvements in Puerto Rico's infrastructure, and the expansion and development of industries, commerce, medical institutions, tourism industry, educational institutions, private institutions and environmental control institutions.
VISION
Provides diverse financial alternatives to the public and private sectors through the issue of tax exempt bonds that contribute to economic development and job creation.
ORGANIZATIONAL STRUCTURE
The Authority is affiliated with the Government Development Bank for Puerto Rico and is comprised of the following organizational units:
- Board of Directors
- Executive Director's Office
GEOGRAPHIC LOCATION
The Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority is located at the Minillas Government Center in Santurce.
PROGRAMMATIC STRUCTURE
POSITIONS FILLED
| Authorized and Proposed Positions | 2009 | 2010 | 2011 | 2012 | |
| Sept./08 | Sept./09 | Sept./10 | Feb./11 | Proj. | |
| |||||
| Total amount of positions | 1 | 1 | 1 | 1 | 1 |
PROGRAM
Counseling and Financing for Investment in Facilities
Program Description
The Authority provides intermediate and long term financing by issuing local, state and federal tax exempt bonds. The funds obtained from these issues must be used by industries to finance the acquisition, construction and installation of industrial, tourism, educational, medical, and environmental control equipment. It finances infrastructure and environmental improvement projects with income from bond issues. The Authority's operational expenses are covered with commissions obtained from issuing bonds, which are 1% of the issue or as agreed to by the Government Development Bank and AFICA (Spanish acronym).
Human Resources
| Authorized and Proposed Positions | 2009 | 2010 | 2011 | 2012 |
| Managerial,Technical, Administrative, and Office Staff | 1 | 1 | 1 | 1 |
| Total, Positions | 1 | 1 | 1 | 1 |
The adopted consolidated budget for Fiscal Year 2011-2012 is $3,821,000. The funding comes entirely from Revenues from Internal Sources which are used to cover operational expenses and to continue offering alternative financing methods for the public and private sectors.
SUMMARY OF AVAILABLE RESOURCES
| Consolidated Budget (thousands $) | 2009 | 2010 | 2011 | 2012 |
| ||||
| Program | ||||
| Operational Expenses | Actual | Actual | Budget | Adopted |
| Counseling and Financing for investment in facilities | 59 | 3,182 | 3,821 | 3,821 |
| Subtotal, Operational Expenses | 59 | 3,182 | 3,821 | 3,821 |
| Total, Program | 59 | 3,182 | 3,821 | 3,821 |
| Funding Sources | ||||
| Operational Expenses | ||||
| Revenues from Internal Sources | 59 | 3,182 | 3,821 | 3,821 |
| Subtotal, Operational Expenses | 59 | 3,182 | 3,821 | 3,821 |
| Total, Funding Sources | 59 | 3,182 | 3,821 | 3,821 |
| Expense Category | ||||
| Operational Expenses | ||||
| Payroll and Related Expenses | 49 | 45 | 112 | 112 |
| Other Expenses | 10 | 3,137 | 3,709 | 3,709 |
| Subtotal, Operational Expenses | 59 | 3,182 | 3,821 | 3,821 |
| Total, Expense Category | 59 | 3,182 | 3,821 | 3,821 |