Puerto Rico Treasury Announces Final First Quarter Revenues $126 MILLION INCREASE IN SEPTEMBER REVENUES AT CLOSING, 1st QUARTER FY 2014 REVENUE COLLECTIONS INCREASED BY $88 MILLION OR 5.4% YOY

1st Quarter revenues exceed budget estimates by $10.4 million

SAN JUAN, Puerto Rico, Oct. 14, 2013 /PRNewswire/ -- Treasury Secretary Melba Acosta announced that closing revenues for September totaled $731 million, reflecting a year-over-year increase of $126 million, or 21%.

"Revenue collections totaled $1,699 million in the first quarter of fiscal 2014 (July-September). This figure exceeded collections for the fiscal first quarter of 2013 by $88 million, or 5.4 percent, and exceeded budget estimates for this period by $10.4 million," she stated. 

"Last week we announced that preliminary revenue collections for September reflected a year-over-year increase. At the closing of the accounting cycle, we can confirm a 21 percent revenue increase in September 2013 compared to September 2012 and that we exceeded quarterly revenue collection estimates by $10.4 million. These results demonstrate progress on the fiscal stabilization and responsibility measures this administration has taken, and we remain focused on implementing fiscal oversight measures to increase revenue collections," Acosta Febo concluded.

General Fund Net Revenues
July - September FY 2013-14
(millions of $)


July - September


Estimate

Actual

Items

2012-13

2013-14

Dif.

Jul-Sep

vs. Estimate







Gross General Fund Revenues

1,757.80

1,845.80

88

1,835.40

10.4

Reserve for Refunds

(147.00)

(147.00)

0

(147.00)

0

General Fund Net Revenues

1,610.80

1,698.80

88

1,688.40

10.4







Individual

438.9

415.4

(23.50)

448.1

(32.70)

Corporations

233.9

357.7

123.8

344.5

13.2

Non-Resident Withholdings

142.5

119.7

(22.80)

129.7

(10.00)

Sales and Use Tax

0

0

0

0

0

Property Taxes

3.3

7

3.7

0

7

Foreign (Act. 154)

446.2

435

(11.20)

416.4

18.6

Alcoholic Beverages

62.3

63.7

1.4

63.8

(0.10)

Cigarettes

43.7

37.7

(6.00)

37.9

(0.20)

Motor Vehicles *

78.9

80.7

1.8

72.5

8.2

Excises on Off-Shore Shipment Rum

72.5

88.2

15.7

84.4

3.8

Others

88.6

93.7

5.1

91.1

2.6







* Excludes $20 million in FY 2012-13 and $25 million in FY 2013-14 that were transferred to the Green Energy Fund. 

 

SOURCE Puerto Rico Department of the Treasury



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