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Puerto Rico general fund collections beat projections by 14%

Puerto Rico’s general fund collections were ahead of projections by 14% for the fiscal year through Nov. 8.

Puerto Rico’s Fiscal Agency and Financial Advisory Authority announced the results Wednesday in a posting to the Electronic Municipal Marketplace Access website.

Through Nov. 8 there was a total of $3,917,000 in general fund revenue, compared with $3,450,000 that the oversight board had projected in the fiscal year’s liquidity plan.

The overshoot continues a pattern, as Puerto Rico revenues have been coming in higher than the board’s projections. In fiscal year 2019, which ended June 30, revenues soared 34.5% higher than the board had projected.

The category of all Puerto Rico state collections, which includes general fund collections and other budgets’ collections, came in 8.8% higher than projected through Nov. 8.

After other sorts of receipts, and expenditures and disbursements are taken into account, the Puerto Rico Treasury Single Account had a cash position of $8.18 billion as of Nov. 8, or 4% more than the board had projected.

In other Puerto Rico statistical news, the Economic Development Bank announced that the island’s economic activity index fell 0.3% in September from a year earlier. It was up 0.1% from August.

It was the fourth consecutive month that the index has been down on a year-over-year basis. It has gone up on a month-over-month basis for three of the last four months.

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