Puerto Rico collected $9.7 billion of general-fund revenue in fiscal 2016, $117 million less than estimated in the island’s budget, as individual and corporate tax receipts were below projections.
The commonwealth brought in $2 billion of personal-income tax revenue in the 12 months ended June 30, making up the largest share of the budget, Treasury Secretary Juan Zaragoza said in a statement Thursday. Puerto Rico collected about $1.7 billion of corporate tax receipts. Individual and business revenue was $51 million below revised budgeted estimates.
Puerto Rico on July 1 defaulted on nearly $1 billion of principal and interest, the largest such payment failure in the $3.7 trillion municipal-bond market. Governor Alejandro Garcia Padilla said he needed the funds to maintain essential services.
Tax receipts on foreign manufacturers totaled $1.86 billion, the general fund’s second-largest revenue stream. It was about $16 million below estimates.
The general fund received $1.56 billion of sales-tax receipts, about $27 million more than projected. The island collected a total of $2.4 billion of sales-tax revenue in fiscal 2016, including $696 million that went to repay debt, called Cofina bonds, that are backed by the revenue stream.
Michelle KaskePuerto Rico Fiscal 2016 Revenue Comes In Short at $9.7 Billion
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