Puerto Rico government revenues in July and August beat projections by 1.3%, the Puerto Rico Treasury Department reported.

In the first two months of fiscal year 2013-2014 revenues were $968 million, $12 million above expectations, said Treasury secretary Melba Acosta Febo.

"It should be noted that August as well as July were not typical months if we take into account that many of the [government's] new revenue measures have not taken effect yet or are still in an implementation phase because they were enacted on June 30, 2013," Acosta Febo said. Puerto Rico's governor and legislative assemblies adopted a fiscal 2013-2014 budget on June 30 with tax increases expected to contribute to $1.38 billion in additional revenue.

"We expect to see, in the coming months, the results of the new tax legislation and the different administrative measures we are implementing," Acosta Febo said. "In addition, we are closely monitoring collections and reinforcing fiscal oversight measures in order to meet our goals."

Acosta Febo also said that collections for the first two weeks of September were up 7.5% from the same period last year.

Municipal Market Advisors managing director Robert Donahue has said because the Treasury did not publicize revenue projections at the start of the fiscal year, the Treasury's recent claims of exceeding projected revenues cannot be simply accepted.

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