The main financial officer of the Government of Puerto Rico and secretary of the Department of the Treasury, Francisco Parés Alicea, reported that by September 2024, the net income of the General Fund for fiscal year 2024 reached two billion seven hundred six million three hundred thousand dollars.
This is $458,700,000 (20.4% more) than projected by the Fiscal Control Board for the first three months of the fiscal year.
Revenues for August and September exceeded JCF projections by $213.5 million and $124.8 million, respectively.
These revenues also exceeded those of the same period in 2023 by $137.1 million (19.8% more) and $83.7 million (8.5% more).
According to Parés Alicea, Law 53-21, “Law to End the Bankruptcy of Puerto Rico,” influenced the accounting of certain income such as taxes on crude oil, gasoline and diesel in the General Fund.
These additional collections were $178.2 million from July to September. Excluding this revenue, first-quarter revenue exceeds fiscal year 2023 revenue by $155.4 million, a growth of 6.5 percent.
In August, income contribution increased by 33.7% compared to 2023, driven mainly by the corporate sector. For September, a similar increase of $65.5 million was experienced. Withholding income to non-residents also grew significantly.
The sales and use tax (SUT) had moderate growth in August but increased 19.4% in September compared to 2023. The prepared foods, manufacturing, and professional services sectors showed higher year-over-year performance.
During the cumulative period through August, net receipts to the General Fund were $249.9 million more compared to 2023. Corporate income was $122.2 million more than in 2023.
In September, the margin increased to $184.7 million, representing a growth of 31.6%.
Withholding income for non-residents increased to $132.3 million, 134.9% more than in 2023.
Tobacco and cigarette excise revenue decreased by $9.8 million in the first quarter compared to 2023. The individual income contribution in August was $191.9 million, $26.4 million more than the projection. In September, revenue was $5.8 million less than in 2023.
The corporate income contribution in August was $149 million, an increase of 95.4% compared to the projection. In September, revenue was $395.9 million, $62.5 million more than in 2023. The total collected for the first quarter of the fiscal year was $184.7 million more than in 2023. The taxpayer payments under Law 52 represented $192.1 million.