Treasury: October revenue exceeds October 2015’s by more than $70M
SAN JUAN – Treasury Secretary Juan Zaragoza Gómez reported that General Fund net revenues totaled $700.1 million in October, exceeding October 2015 revenues by $73.4 million, or 11.7%, and estimates by $74.5 million, or 11.9%.
Zaragoza Gómez pointed out that thanks to October’s improved performance, revenues for the first four months of fiscal year 2017 are back on positive territory from September’s underperformance. In October, most income and consumption tax categories registered increases compared with October 2015 and to estimates. Fiscal year-to-date (July-October) revenues totaled $2.64 billion, up by $75.3 million, or 2.9%, from October 2015, and exceeding estimates for the same period by $59.7 million, or 2.3%.
October sales and use tax (IVU by ts Spanish acronym) collections totaled $199.3 million, an increase of $18.3 million, or 10.1%, year-over-year (YOY). Fiscal year-to-date (FYTD) IVU revenues total $824.8 million, an increase of about $120.9 million YOY. The FYTD allocation to the Sales Tax Financing Corp. (Cofina by its Spanish acronym) is $471.3 million, a rise of $15 million YOY, and $353.5 million have gone to the General Fund, for a $105.9 million YOY increase. In addition, IVU revenue exceeded estimates for the same period by $23.1 million, or 7%.
The Treasury secretary highlighted that fiscal year-to-date revenues to the General Fund exceed budget projections.