By The Star Staff
Puerto Rico Treasury Secretary Nelson Pérez Méndez announced on Wednesday that net revenues to the General Fund for the first month of the new fiscal year 2024-25 amounted to $1,048.2 millions, exceeding the projection by $317.3 million, or 43%.
“This variation is mainly attributed to the collections from corporations for $351.4 million, which represents $126.8 million over the collections of the previous year and $135.1 million, or 61 percent, more than the projection,” Pérez Méndez said in a written statement.
The Treasury secretary noted that another item that contributed to the increase was that of individuals, with $34.4 million, or 21%, more than the projection, and an increase of $27.9 million, or 17%, compared to the previous fiscal year.
Also highlighted were taxes associated with consumption, such as the sales and use tax (IVU by its acronym in Spanish) and taxes on cigarettes and alcoholic beverages. IVU revenues reached $134.4 million, exceeding by $3.6 million those of the previous year, and topping the projection of the Financial Oversight and Management Board by $6.8 million.
Pérez Méndez said the results represent “a good start to the fiscal year,” having exceeded the projection of collections in the first month.
It's a challenge to understand in what manner, Puerto Rico Treasury Secretary, sees the increment in revenues as something beneficial for the country. We can say that the funds, not projected by the Treasury Department or by the FOMB, that was taken out of the Puerto Ricans' pockets wasn't necessary; thus, how this is sound fiscal planning on the part of the Treasury and the FOMB. We know that the FOMB is responsible for PR's checkbook which means the Treasury Department must follow their mandates; assuming this is the case, how two government, federal and local, entities charged for managing effectively more than what was needed from the people they are serving. Does this make any sense to anyone?