Puerto Rico's August revenues were 5.8% less than projections.
August's shortfall followed a July where revenues came in 6.3% better than projections. Over the first two months of the fiscal year, revenues are above budget by 0.9% and ahead of July and August 2013 collections by 10%.
Puerto Rico Secretary of the Treasury Melba Acosta Febo said that, though revenues are ahead of last year's revenues for the same period and of projections for the first two months, the Treasury will monitor revenue collections closely and will take fiscal measures as needed.
Seven of the Treasury's ten revenue categories were below projections in August.
The biggest shortfalls in terms of dollars were for the excise tax on foreign corporations, off by $17 million, and motor vehicle excise taxes, down $12.6 million. The biggest unexpected surplus was for the other/miscellaneous category, which was $20.2 million over projections.
Sales and use tax revenues were up. In the first few months of the fiscal year this money goes to the Puerto Rico Sales and Use Tax Financing Corporation (COFINA) bond fund and not to Puerto Rico's General Fund.
