GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO.

LEGAL AUTHORITY

Act. No. 17 of September 23, 1948, as amended, created a corporation as a governmental instrumentality, the Government Development Bank for Puerto Rico.

MISSION

To safeguard the fiscal stability of Puerto Rico and promote its competitiveness in order to transform our economy into one of the most developed economies in the world, hence, fostering the social and economic enhancement of our people. We serve a as bank, fiscal agent and financial advisor for the Government of Puerto Rico, and its instrumentalities.

VISION

Serve as bank, fiscal agent and financial advisor to the Government of Puerto Rico along with its agencies, instrumentalities, commissions, authorities, municipalities and other political subdivisions.

ORGANIZATIONAL STRUCTURE

The Government Development Bank for Puerto Rico is composed of several organizational units, seven subsidiaries and seventeen affiliated entities and attached funds. The organizational units are the following:

  • Administration, Operations and Comptroller Area
  • Financing Area
  • IInvestments and Treasury Area
  • Board of Directors
  • Analysis and Economic Research Office
  • Legal Advice Office
  • Internal Auditing Office
  • Communications Office
  • Human Resources and Labor Relations Office
  • President's Office

Subsidiaries

  • Housing Financing Authority
  • Puerto Rico Public Financing Corporation
  • Puerto Rico Upper Education Assistance Corporation
  • Puerto Rico Development Fund
  • Puerto Rico Tourism Development Fund
  • Government Development Bank for Puerto Rico Capital Investment Fund
  • Jose M. Berrocal Finance and Economy Institute

Affiliated Entities and Attached Funds
  • Puerto Rico Municipal Financing Agency
  • Puerto Rico Maritime Authority
  • Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority (AFICA, spanish acronym)
  • Puerto Rico Telephone Authority
  • Infrastructure Financing Authority (AFI, spanish acronym)
  • Public-Private Partnership Authority
  • Pressing Interest Financing Fund Corporation (COFINA, spanish acronym)
  • Children's Trust
  • Special Communities Perpetual Trust
  • Puerto Rico Economic Stabilization Fund
  • Puerto Rico Economic Stimulus Fund
  • Special Delinquent Tax Debt Fund
  • Special Central American and Caribbean 2010 Games Presentation Fund
  • Puerto Rico Governmental Investment Fund
  • Former Governors and Former First Ladies Legacy Conservation Fund
  • Puerto Rico Commonwealth Rotating Water Contamination Control Fund
  • Puerto Rico Commonwealth Rotating Drinking Water Treatment Fund


GEOGRAPHIC LOCATION

The Government Development Bank for Puerto Rico has a central office located in Roberto Snchez Vilella Governmental Center, at Jos De Diego Avenue, Stop 22 in Santurce; and operates a regional office in the New York City Financial District.


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 287 292 264 258 264

Data comes from the Agency's Certified Headcount Reports. Figures for Fiscal Year 2011-2012 were estimated during the budget formulation process.

PROGRAM

Public and Private Sectors Financing and Counseling

Program Description

Provides financing alternatives to private companies and public instrumentalities through loans, guarantees, capitalization and others services. It also acts as fiscal agent and consultant to the public sector and the municipalities, funds trustee and designs investment mechanisms for public funds. Provides fiscal and financing counseling to public corporations, municipalities and the central government.

Objectives

  • Provides financial advice to the Agencies of the Government of Puerto Rico.
  • Safeguards the credit of the Government of Puerto Rico and its instrumentalities.
  • Monitors the fiscal health of the Agencies of the Government of Puerto Rico.
  • Provides advise to the Agencies of the Government of Puerto Rico on innovative financial structures, such as public-private partnerships for the development of infrastructure.

Customers

Agencies, corporations, municipalities and public sector entities; and entrepreneurs, corporations and other entities of the private sector.

Human Resources

Authorized and Proposed Positions 2009 2010 2011 2012

Managerial,Technical, Administrative, and Office Staff 287 292 162 162
Judges, Lawyers, and Legal Staff 0 0 5 5
Other staff 0 0 3 3
Other Safety and Protection Staff 0 0 2 2
Planning, Budget, Statistics, Auditing, and Finance 0 0 49 49
Education and Recreational Services Professionals 0 0 1 1
Public Relations and Communications 0 0 4 4
Maintenance and General Services Staff 0 0 17 17
Information Systems 0 0 21 21
Total, Positions 287 292 264 264

FISCAL YEAR 2011-2012 ADOPTED BUDGET

The adopted consolidated budget for Fiscal Year 2011-2012 is $59,633,000. The funding comes entirely from Revenues from Internal Sources, which are obtained from the interest generated from investments and lending activities.

These resources will allow the GDB to continue the design and implementation of financial and investment strategies in order to contribute to the development of self sufficient feasible economic activities and projects that have the capacity to generate employment.

Operational Expenses did not consider reserve provisions nor the contributions made by the Government Development Bank for Puerto Rico to the Central Government and its institutions for the social and economic well being of Puerto Rico.

SUMMARY OF AVAILABLE RESOURCES

Consolidated Budget  (thousands $) 2009 2010 2011 2012

 

Program  
Operational Expenses Actual Actual Budget Adopted
Public and Private Sectors Financing and Counseling 43,754 62,397 45,267 54,414
Subtotal, Operational Expenses 43,754 62,397 45,267 54,414
 
Subsidies, Incentives and Donations
Public and Private Sectors Financing and Counseling 0 3,710 3,710 5,219
Subtotal, Subsidies, Incentives and Donations 0 3,710 3,710 5,219
Total, Program 43,754 66,107 48,977 59,633
 
Funding Sources  
Operational Expenses  
Other Income 0 15,000 0 0
Revenues from Internal Sources 43,754 47,397 45,267 54,414
Subtotal, Operational Expenses 43,754 62,397 45,267 54,414
 
Subsidies, Incentives and Donations  
Revenues from Internal Sources 0 3,710 3,710 5,219
Subtotal, Subsidies, Incentives and Donations 0 3,710 3,710 5,219
Total, Funding Sources 43,754 66,107 48,977 59,633
 
Expense Category  
Operational Expenses  
Payroll and Related Expenses 27,586 22,607 22,607 22,875
Rent and Utilities 2,208 2,882 2,782 892
Purchased Services 1,572 1,612 1,612 2,113
Transportation Expenses 164 120 120 89
Professional Services 5,921 5,741 3,970 4,539
Other Expenses 2,555 21,282 6,023 7,794
Equipment Purchases 3,479 1,712 1,712 2,626
Office Supplies and other Materials 269 201 201 242
Budget Reserve 0 6,240 6,240 13,244
Subtotal, Operational Expenses 43,754 62,397 45,267 54,414
 
Subsidies, Incentives and Donations  
Contributions to Non Governmental Entities 0 3,710 3,710 5,219
Subtotal, Subsidies, Incentives and Donations 0 3,710 3,710 5,219
Total, Expense Category 43,754 66,107 48,977 59,633