Puerto Rico reported that the Government Development Bank for Puerto Rico's liquidity position improved $33 million in February, while its General Fund revenues came in $6 million short.
As of Feb. 28 the GDB had $1.227 billion in total net liquidity.
The General Fund February total was 0.9% under budget. For the first eight months of the fiscal year the general fund's revenues are 2.4% under budget.
The best performing categories of revenues were the individual income taxes and foreign corporation (Act 154) taxes. These came in $11 million and $30 million more than expected, respectively.
The biggest shortfalls were for the sales and use tax revenues and motor vehicle taxes, which came in $15 million and $14 million short, respectively. While less than expected, the sales and use tax category brought in $4 million more than in February 2014.
Government revenue is $122 million short of projections through the first eight months. Motor vehicles revenue is $75 million less than budgeted, the biggest shortfall. Non-resident withholdings is the category with the biggest surplus, at $127 million, or 28%.
The administration of Gov. Alejandro García Padilla has introduced two measures to increase tax revenue in the remainder of the year. One bill would allow the pre-payment of a special tax on certain transactions. Another bill would introduce an incentive plan for people to voluntarily disclose income.
Treasury Secretary Juan Zaragoza G-mez expects these measures to generate $160 million.
