Net collections to the General Fund continues to feel the impact of María

January 15, 2019

 

 

The Net Income to the General Fund of November 2018 reached to $ 556.9 million. Compared with the income of November of the previous year, there was a decrease in net terms of $ 16.8 million. This amount is attributed to the fact that, in November of last year (unlike this year), collections were received from previous months whose payments had been postponed mitigating the situation that taxpayers went through because of Hurricanes Irma and María.

 

On the other hand, projections of income for the month were exceeded. Both when compared with those of the certified fiscal plan of June 29, 2018 for $ 63.2 million and with the revised projections of the certified plan of October 23, 2018 for $ 25.5 million, said the secretary Teresita Fuentes.

 

An important fact is that the amount corresponding to the General Fund represent $30.4 million more than the previous year, because last year they were reduced by the effect of both Hurricanes.

 

Despite population drastic decreased of about 308,000 residents, the loss of approximately 300,000 jobs and the decrease of salaries of an average of -0.8% (after hurricanes), the growth of collections for the mentioned period reflects the favorable result of the economic activity associated with the reconstruction after the passage of Hurricanes Irma and María last year.

 

 

This indicator, along with many others, is available on our economic indicators portal, updated daily. Click here for more information.

 

 

 

 

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