General Fund income reaches $1.8 billion in September & October
By The Star Staff
Treasury Secretary Francisco Parés Alicea announced Wednesday that the net income to the General Fund corresponding to the months of September and October 2022 totaled $1.802 billion.
Revenue estimates had $838.8 million for September and $887.1 million for October, so the income resulted in about $142.2 million and $55.4 million more than projected for those months, respectively.
“The General Fund’s net income for the months of September and October 2022 exceeded the projected figure for that period by about $197.6 million, or 12.3 percent,” Parés Alicea said in a written statement. “The revenue performance for the first four months of Fiscal Year 2023 reflects a 0.2% increase in revenue level when compared to what was collected for the same period of Fiscal Year 2022. It is worth mentioning that, as a result of the passage of Hurricane Fiona through Puerto Rico, the Department of Treasury implemented a series of administrative measures to mitigate the economic effect on businesses and families. As a result, several filing and payment dates were postponed until December 15, which were otherwise due in October. For its part, the federal government also approved aid to immediately address infrastructure and direct aid programs to support the material loss of physical property suffered by many citizens.”
Net General Fund proceeds for September of this year represented $70.1 million more compared to September 2021 (7.7%). The increase during the period is mainly explained by the income contribution items, a period in which income is received as an estimated contribution from individuals. However, revenues for the month of October represent about $66.1 million less than what was collected during the same month of the previous fiscal year (October 2021).