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On Wednesday, Treasurer of Puerto Rico Nelson Pérez Méndez revealed that the net revenues for the General Fund during the opening month of the new fiscal year 2024-25 reached $1,048.2 million, surpassing the forecast by $317.3 million, which is a 43% increase.
“This shift is primarily linked to corporate collections totaling $351.4 million, which is $126.8 million higher than last year’s collections and $135.1 million, or 61 percent, above the forecasts,” Pérez Méndez stated in a written release.
The Secretary of the Treasury also pointed out that individual contributions played a role in this rise, with $34.4 million, or 21%, surpassing the projections and an increase of $27.9 million, or 17%, compared to the previous fiscal year.
Additional notable contributions came from consumption taxes, including the sales and use tax (IVU in Spanish) as well as taxation on tobacco and alcoholic drinks. IVU revenues hit $134.4 million, exceeding last year’s figures by $3.6 million and surpassing the Financial Oversight and Management Board’s projections by $6.8 million.
Pérez Méndez conveyed that these results signify “a solid beginning to the fiscal year,” having outperformed the collection projections in the first month.
