Puerto Rico now believes first quarter revenues were up 5.4% from the previous year rather than 4.4% as had been announced on Oct. 7.
The new figures are the revised "final" figures for the quarter, according to the Puerto Rico Treasury.
Rather than coming in 0.4% below projections for the quarter, the new figures show that revenues came in 0.6% above projections.
The new figures also show that September revenues were up 21% year-over-year rather than 18% as had been announced Oct. 7.
The percentages are for general fund net revenues, after reserves for refunds are withdrawn.
"These results demonstrate progress on the fiscal stabilization and responsibility measures this administration has taken and we remain focused on implementing fiscal oversight measures to increase revenue collections," Treasury Secretary Melba Acosta Febo said.
Puerto Rico passed a variety of new tax measures for this fiscal year. As these have been instituted over time they have led to higher revenues, particularly in September.
However, through the first 25% of the year Puerto Rico has collected 19.4% of its projected $9.5 billion annual revenue. This percentage and these figures are for gross revenue rather than for net revenue.
