Officials estimate that Puerto Rico’s net general fund revenue for fiscal 2009, which ended June 30, was $7.6 billion, 10% less than original projections of $8.48 million.
The fiscal 2010 budget anticipates a 0.92% increase, or $70 million, over fiscal 2009 revenue, totaling $7.67 billion, according to a July report from the Government Development Bank for Puerto Rico, the island’s financing authority.
A temporary property tax will help the commonwealth boost its general fund revenue this year. Puerto Rico’s Treasury Department projects that will bring in $230 million of new revenue.
In addition, corporate and personal income taxes are projected to increase by $129 million and $59 million to $1.54 billion and $2.61 billion, respectively, in fiscal 2010.
Conversely, officials anticipate that sales tax receipts will drop this year to $606 million from $911 million in fiscal 2009, a decrease of $305 million. Non-resident withholding may also decline in fiscal 2010 over last year by $55 million, to $836 million.
The GDB expects to post the commonwealth’s comprehensive annual financial report for 2008 on its Web site in August.
