World News | Federal board approves $12.7 billion budget for Puerto Rico, emerges from bankruptcy

SAN JUAN, June 30 (AP) — The Federal Control Board, which oversees Puerto Rico’s finances, approved a $12.7 billion general fund budget Friday that includes increases for teachers, judicial employees and the U.S. territory’s public universities.

It is the largest budget ever approved in the island’s history.

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Most of that funding ($2.6 billion) will go to education, followed by $1.2 billion for public safety, $600 million for the University of Puerto Rico and $555 million for the island’s health department.

The approval came as last-minute debate threatened to derail the proposed budget, which was slightly higher than last year’s $12.4 billion budget.

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The new budget, which was previously approved by Puerto Rico’s legislature and governor on Thursday, will take effect on July 1.

It’s Puerto Rico’s third balanced budget, which officials say will help Puerto Rico return to capital markets after emerging from the largest municipal bankruptcy in U.S. history last year.

If a fourth balanced budget is approved next year, it would mark the end of the federal control board created by Congress. (Associated Press)

(This is an unedited and auto-generated story from a syndicated news feed, the latest staff may not have revised or edited the body of content)