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Puerto Rico Treasury reports $817M in revenue for Nov. ’22

The Puerto Rico Treasury Department revealed that net income shored up in the government’s General Fund in November 2022 reached $817.7 million. Revenue estimates for that month were $702.2 million, resulting in about $115.6 million more, or 16.5% more, than projected, agency Secretary Francisco Parés said.

“General Fund net receipts for the month of November exceeded the projection by about $115.6 million. Accumulated collections for the first five months of Fiscal 2023 amount to $4 billion, which also exceeds projected in the accumulated by $358.3 million or 9.8%,” he said.

“This is important, given that, as a consequence of the passage of Hurricane Fiona through Puerto Rico, the Treasury Department implemented a series of administrative measures to mitigate the economic effect on businesses and families,” he added, referring to the postponement of several dates for filing and payments from October to Dec. 15.

“Even with the postponements and extensions of the date, collections have exceeded what was projected so far,” he said.

The Fiscal Plan certified Jan. 27, 2022, established an income projection for Fiscal 2023 of $11.1 billion. The Financial Oversight and Management Board for Puerto Rico is preparing to review said Fiscal Plan in collaboration with the government.

In November 2022, Puerto Rico’s inter-annual inflation was set at 6.3%, which represents a reduction compared to the percentage change for October of 6.6%. The most affected sectors were food (10.3%) and the price of gasoline (15%), the agency noted.

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This story was written by our staff based on a press release.

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