Puerto Rico officials last week affirmed its estimate that the commonwealth will generate $7.67 billion of tax revenue in fiscal 2010, while at the same time its Planning Board projects the local economy will contract by 3.6% this year.

The Government Development Bank for Puerto Rico last week released its January revenue collection results. While year-to-date revenues are $33 million below budgeted estimates, the administration is confident Puerto Rico will meet its budgeted revenue projection of $7.67 billion by the end of the fiscal year. The GDB is Puerto Rico’s financing arm.

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