General Fund revenues through September exceed projections by 20.4%
By The Star Staff
The net income of the General Fund for fiscal year 2024 reached $2.7 billion in September, which is $458.1 million, or 20.4%, more than projected by the Financial Oversight and Management Board for the first three months of the fiscal year.
Treasury Secretary Francisco Parés Alicea announced late Sunday that revenue for August and September exceeded the oversight board’s projections by $213.5 million and $124.8 million, respectively. The revenues also exceeded those of the same period in 2023 by $137.1 million in August (19.8% more) and $83.6 million in September (1.5% more).
Parés Alicea said Act 53-21, the Law to End the Bankruptcy of Puerto Rico, influenced the accounting of certain revenues such as excise duties on crude oil, gasoline and diesel in the General Fund. Those additional collections were $178 million from July to September. Excluding those revenues, first quarter revenue exceeded fiscal 2023 revenue for the same period by $1.55 million, a growth of 6.5%.
In August, tax revenue increased by 3.73% compared to 2023, driven primarily by the corporate sector. September saw a similar increase of $65.5 million. Non-resident withholding income also grew significantly, the Treasury chief noted.