General Fund Income Exceeds JCF Expectations – Metro Puerto Rico

Chief Financial Officer of the Government of Puerto Rico and Secretary of the Treasury, Francisco Paris AliciaIt reported that by September 2024, the net revenues of the General Fund for the fiscal year 2024 amounted to two billion seven hundred and six million three hundred thousand dollars.

This represents $458,700,000 (20.4% more) than the Financial Oversight Board expected for the first three months of the fiscal year.

August and September revenues exceeded JCF’s expectations by two hundred and thirteen million five hundred thousand and one hundred twenty-four million and eight hundred thousand dollars, respectively.

These revenues also exceeded revenues for the same period in 2023 by $137,100,000 (19.8% increase) and $83,700,000 (8.5% increase).

According to Paris Alicia, Act No. 53-21, the “Puerto Rico Bankruptcy Ending Act,” affected the deduction of some income such as taxes on crude oil, gasoline, and diesel into the general fund.

These additional collections amounted to one hundred and seventy-eight million and two hundred thousand dollars in the period from July to September. Excluding these revenues, first-quarter revenues exceed fiscal year 2023 revenues by one hundred and fifty-five million four hundred thousand dollars, i.e. a growth of six point five percent.

In August, the income contribution increased by thirty-three point seven percent compared to 2023, mainly driven by the corporate sector. In September, it saw a similar increase of sixty-five million five hundred thousand dollars. Income withholding for non-residents has also grown significantly.

Sales and use tax (SUT) had moderate growth in August, but increased by nineteen point four percent in September compared to 2023. The prepared food, manufacturing, and professional services sectors showed higher performance year over year.

During the cumulative period through August, General Fund net revenues were two hundred and forty-nine million nine hundred thousand dollars more than in 2023. Corporate income was one hundred twenty-two million two hundred thousand dollars more than in 2023.

In September, the margin increased to one hundred and eighty-four million seven hundred thousand dollars, which represents growth of thirty-one point six percent.

Nonresident withholding income increased by one hundred and thirty-two million three hundred thousand dollars, which is one hundred and thirty-four point nine percent more than it was in 2023.

Tobacco and cigarette tax revenues decreased by nine million eight hundred thousand dollars in the first quarter compared to 2023. The per capita income contribution in August was one hundred and ninety-one million nine hundred thousand dollars, which is twenty-six million four hundred thousand dollars more than forecast. In September, revenues were five million eight hundred thousand dollars lower than in 2023.

Corporate income contribution in August was $149 million, an increase of ninety-five point four percent compared to expectations. In September, revenues were three hundred and ninety-five million nine hundred thousand dollars, which is sixty-two million five hundred thousand dollars more than in 2023. Total revenues collected for the first quarter of the fiscal year were one hundred eighty-four million seven hundred thousand dollars more than in In 2023, taxpayer payments under Act 52 represent one hundred and ninety-two million and one hundred thousand dollars.