FINANCIAL OVERSIGHT AND MANAGEMENT BOARD

FOR PUERTO RICO

                                                                                   Members
Andrew G. Biggs
Carlos M. García
Arthur J. González
José R. González
Ana J. Matosantos
David A. Skeel, Jr.
José B. Carrión III
Chair Natalie A. Jaresko
Executive Director
BY ELECTRONIC MAIL
 
March 16, 2019

Prof. Pedro I. Segarra

Director
Conservatory of Music

Prof. Ileana Muñoz Landrón

Director
School of Plastic Arts
 
Dear Mr. Segarra and Ms. Muñoz Landrón,

The following relates to the consolidation process proposed by the Government of Puerto Rico for the
Conservatory of Music and the School of Plastic Arts to the Universities grouping, which is an integral
part of the Certified Fiscal Plan. It is our understanding that legislation has not yet been passed as set
forth in the Certified Fiscal Plan. Please inform us of the status of the required legislation or other route
to be taken to implement the consolidation. Notwithstanding absence of legislation, savings are to be
achieved from this per the Certified Fiscal Plan. Thus, to better understand the agency’s status on
consolidation and reorganization efforts we request a Consolidation Plan. The report should be inclusive
of current operations status (e.g. one accounting, one finance, and one legal department, amongst other
centralized functions achieved), key milestones to be accomplished, and a timeline to complete
execution.

Furthermore, as stated in the Fiscal Plan, the Universities grouping has targeted right-sizing savings of
$677K in FY19; for which $98K are achieved through consolidation and reorganization measures (e.g.
back-office personnel and non-personnel measures). As a result, the Oversight Board requests that you
provide actual savings achieved to date and projected savings in future fiscal years from full
consolidation by no later than March 25, 2019.

Should you have any questions about the information being requested, please contact Ginorly
Maldonado, Implementation Director, at ginorly.maldonado@promesa.gov. We appreciate your
diligent response and express our commitment to work collaboratively in achieving the needs of your
Department.

Regards,

Natalie A. Jaresko

Cc: Raúl Maldonado Gautier

Christian Sobrino Vega
PO Box 192018 San Juan, PR 00919‐2018; www.oversightboard.pr.gov; comments@oversightboard.pr.gov