After several solid months of Puerto Rico government revenue collections, November collections came in short.
Puerto Rico's general fund net revenues were 9.1% below government projections for the month. They were also 4.2% less than November 2012's general fund net revenues.
The government had been expecting $520.6 million but instead collected $473 million.
However, the government is still ahead of its projections for the first five months of the fiscal year by 2.6%. Compared to the same five months of 2012 it is ahead by 12.4%.
The commonwealth's sales tax revenues are substantially behind projections. At this early point of the fiscal year these revenues are diverted to a fund to pay off Puerto Rico Sales Tax Financing Corporation (COFINA) bonds. In November revenues in this area lagged 26.3% behind projections. They were still up 3.2% above November 2012. For the first five months of the fiscal year they were up 5.8% over the first five months of fiscal 2012.
The Treasury is taking aggressive measures to collect unpaid sales tax and thus increase these revenues, said Treasury Secretary Melba Acosta Febo.
Concerning general fund revenues Acosta Febo said, "Traditionally, November is one of the less significant months in terms of collections during the year."
Excise tax revenues from foreign corporations (Act 154) to the general fund decreased by $25 million compared to November 2012.
"This is attributable to several corporations' adjustments in the accounting of credits with respect to the previous quarter, driven by their quarterly tax planning initiatives," the Treasury said in a press release. "This reduced the effective amount of the tax paid this month. In one case, it is anticipated that the adjustment will lead to additional revenues in December."
In November tax revenues from personal income taxes were $18.6 million short of projections but non-resident withholdings were $17.6 million in advance of projections.