Puerto Rico's October revenues were revised upwards on Thursday.

The Puerto Rico Treasury Department now believes that general fund net revenues were up 45.2% in October 2013 compared to October 2012. In its preliminary estimate it believed that the rise was 44.1%.

Puerto Rico passed a package of tax increases earlier this year.

The Treasury now believes that October 2013 net revenues were $862 million. In October 2012 the revenues were $594 million.

Net revenues for October 2013 came in 15.6% above the government's projection for October 2013.

In the first four months of this fiscal year, July through October, revenues were up 16.1% over revenues during July through October of 2012.

Also during the first four months of this fiscal year, revenues were 5.2% over government projections for the period.

When Puerto Rico adopted its general fund budget at the end of June it expected a 7.9% operating deficit. This deficit would have been $820 million. It was to have been financed by $575 million in refinancing of general obligation bonds and $245 million in deficit financing bonds.

Recently, Treasury Secretary Melba Acosta Febo told The Bond Buyer if revenues continued to come in ahead of expectations the government may not have need the deficit financing bonds this fiscal year.

According to Bond Buyer calculations, if the rest of the year were to come in as far ahead of projections as did October, Puerto Rico would not need to refinance any of the $575 million in GO bonds either. Instead, it would finish the year with a roughly 2.1% surplus in its general fund.

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