Puerto Rico's revenues for April, the general fund's most lucrative month, came in 6.3% higher than projected.
The April total of $1.28 billion in General Fund net revenues, reported on Monday, was $76.2 million above the most recent revised estimate for April, though $81 million below the original estimate for the month, according to the Treasury.
In October 2015 the Puerto Rico Treasury Department revised its projections for fiscal year 2016 revenue to $9.446 billion from $9.8 billion. The Treasury has since lowered its estimate to $9.29 billion.
In April corporate income taxes were both the largest portion of revenue, $409.2 million, and the biggest exceedance over projections, $69.7 million.
In the same month, individual income taxes were the second biggest chunk of revenue, at $308.3 million. This category came in $6.3 million short of projections.
Excise taxes on off-shore shipments of rum was April's tax category with the second biggest overshot of projections, coming in $28.2 million above them.
Through the first 10 months of the fiscal year, there has been $7.5486 billion in General Fund net revenues. This figure is $45.7 million above revised projections. Treasury Secretary Juan Zaragoza G-mez said that based on revenue behavior up to April, estimates included in the revised $9.29 billion budget are expected to be met.
Puerto Rico has $1.9 billion in public sector debt due on July 1, which it says it will not pay in full.
On Monday before Puerto Rico announced April's revenues, Height, LLC researcher Daniel Hanson said in an email, "Despite a debt moratorium law, we continue to harbor conviction that the July 1 GO bond payments will be made because the commonwealth's liquidity position is improving. Claims to the contrary from the governor do not comport with incoming data about the state of tax collections and budget priorities."
