On November 17, Director of the Budget Robert Mujica announced that he will be leaving his position as Director of the Division of the Budget to assume the role of Executive Director of Puerto Rico’s Financial Oversight and Management Board. Director Mujica has served in his current position since his appointment by then-Governor Andrew Cuomo in 2015 and has continued to serve since the beginning of the Hochul Administration in August 2021. Prior to his time in the Division of the Budget, Mujica spent nearly two decades in fiscal and leadership positions in the New York State Senate.

Once confirmed by the U.S. Senate, Director Mujica is expected to assume his new position effective January 1, 2023, and will serve for a three-year term on the Financial Oversight and Management Board. The board consists of seven members appointed by the President of the United States, and one ex officio member appointed by the Governor of Puerto Rico. The board’s mission is to help Puerto Rico grow economically and to build opportunity for its residents.

Director Mujica is expected to continue his work with the Hochul Administration to develop its state fiscal year 2024 budget until his departure. While there is significant speculation as to his successor, there has not yet been a new Director named by the Hochul Administration. The Manatt team will continue to monitor developments and will share additional information as it becomes available. We encourage you to reach out to a member of the Manatt team with any questions you may have in the interim.