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Puerto Rico Treasury: September’s net General Fund revenue is record for the month

By on October 22, 2018

SAN JUAN – Puerto Rico Treasury Secretary Teresita Fuentes announced Monday that the island General Fund’s net revenues for September totaled $833 million, “a new historical revenue level” for the month of September.

Fuentes said that the “previous highest level was for September 2005 when revenues totaled $778.7 million. In 2017, September revenues totaled $627.6 million and were affected by the passage of Hurricanes Irma and María; therefore, the two periods are not totally comparable. Revenues were $129.5 million above projections. The Treasury Department prepares said monthly projection by adjusting total revenues projected for the current fiscal year in the Fiscal Plan certified on June 29, 2018, including seasonal adjustments, as well as adjustments for non-recurring revenues.

The secretary added that the main revenue driver was the corporate income tax category, with $250.2 million.

One of the estimated corporate tax payments was due in September. Collections were the highest for a month of September since 2013, and above projections by $65.5 million. In addition, the motor vehicle category continued performing well with collections that totaled $35.5 million and were $11.8 million above projections,” Fuentes said.

Collection of the 10.5 percent sales and use tax (IVU by its Spanish acronym) totaled $222 million, of which $116.3 million went to the Sales Tax Financing Corp. (Cofina by its Spanish acronym), $95.2 million to the General Fund and $10.6 million to the municipalities, corresponding to the 0.5 percent destined for these.

The secretary said net income to the General Fund for the first quarter of fiscal year 2019 totaled $2.24 billion.

This amount exceeds year-over-year revenues and projections by $358.6 million and $330.8 million, respectively. Revenues for each of the three months fiscal year to date have exceeded both year-over-year revenues and projections. These positive revenue results in the 2nd Quarter are attributed, for the most part, to the economic effects of Puerto Rico’s recovery after the passage of the hurricanes last year,” Fuentes said.

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