Treasury collections up 11.7% in October, at $700.1M
Puerto Rico Treasury Secretary Juan Zaragoza-Gómez said Thursday General Fund net revenues totaled $700.1 million in October, exceeding October 2015 revenues by $73.4 million, or 11.7 percent, and beating estimates by $74.5 million, or 11.9 percent.
Due to October’s improved performance, revenues for the first four months of FY 2017 are back on positive territory from September’s underperformance, he said.
In October, most income and consumption tax categories registered increases compared to October 2015 and to estimates.
Fiscal year-to-date (July-October) revenues totaled $2.64 billion, up by $75.3 million, or 2.9 percent, from October 2015, and exceeding estimates for the same period by $59.7 million, or 2.3 percent.
October Sales and Use Tax (SUT) collections totaled $199.3 million, an increase of $18.3 million, or 10.1 percent, year-over-year. Fiscal year-to-date SUT revenues total $824.8 million, an increase of approximately $120.9 million YOY.
The FYTD allocation to the Sales Tax Financing Corp. (known as COFINA for its initials in Spanish) was $471.3 million, an increase of $15 million YOY. Some $353.5 million have gone to the General Fund, for a $105.9 million YOY increase. In addition, SUT collections exceeded estimates for the same period by $23.1 million, or 7.0 percent, the agency reported.
Fiscal year-to-date revenues to the General Fund exceed budget projections, Zaragoza-Gómez said.