EXHIBIT 11 

Case:17-03283-LTS Doc#:24535-11 Filed:06/12/23 Entered:06/12/23 21:36:46 Desc:

Exhibit AHG Ex 11 FY23 Gen Fund Net Revenue Reaches 6.549B Page 1 of 5
2023-03-07 15:50:10

Puerto Rico

FYʼ23 General Fund Net Revenue Reaches $6.549B Through January, Beating

Projections by Nearly $1B

Mon 03/06/2023 13:24 PM

Relevant Documents:

Treasury General Fund Revenue Report (January)

Sales-and-Use Tax Revenue Report (January)

Net revenue to the commonwealth general fund reached nearly $6.55 billion through the first seven months of Puerto

Rico’s fiscal year 2023, beating fiscal plan estimates and prior-year collections for the July 2022 through January 2023

period, according to a Puerto Rico Treasury Department presentation of preliminary results for January. The general fund

revenue presentation points to $1.126 billion in net revenue to the general fund in January, outpacing estimates of

$806.37 million for the month and beating prior-year collections of $999.8 million.

The $6.549 billion netted through the first seven months of FY 2023 was $988.67 million ahead of the $5.56 billion

projected and $281.25 million more than the net revenue collected for the general fund in the same period in FY 2022.

Among key categories, sales-and-use tax, or SUT, individual income tax and corporate income tax collections were ahead

of projections through January. Total excise tax collections beat estimates despite a lag in the Act 154 levy on

manufacturers, which netted $635.8 million through January, down from $733.04 million during the prior year and

behind estimates of $706.25 million for the first seven months of FY 2023.

According to the Treasury’s general fund tax presentation, SUT revenue to the general fund topped $1.406 billion

through January, beating the $1.391 billion netted in the prior-year period and beating projections of $1.255 billion for

the first seven months of FY 2023.

A separate presentation posted by the Treasury breaks down total SUT collections month by month through January.

Global SUT collections totaled $2.005 billion through January. The 11.5% islandwide SUT is centered on a 6% government

base rate, 4.5% SUT surcharge and 1% SUT levied by municipalities. A 4% special SUT also applies to designated

professional services, certain B2B services and imported services.

Of the 6% government SUT, 5.5% is earmarked, with limitations, as the pledged sales taxes to cover COFINA bonds, while

0.5% is allocated to a municipal administration fund created to provide funds to finance the debt and special projects of

the municipalities and to meet their budgeted expenses.

The tax reports come as the FY 2024 budget process is poised to get under way in the Legislature. Additionally, the

PROMESA oversight board is aiming to certify a new commonwealth fiscal plan by March 16. The oversight board has

established an $18.13 billion total revenue estimate for the FY 2024 budget, with a projection of $12.75 billion for general

fund revenue and $5.38 billion for other funds revenue. The current FY 2023 $28 billion consolidated commonwealth

budget comprises a $12.4 billion general fund budget consisting of commonwealth funding, $4.5 billion of special

revenue funding dedicated to particular uses and $11.2 billion in federal funding.

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Case:17-03283-LTS Doc#:24535-11 Filed:06/12/23 Entered:06/12/23 21:36:46 Desc:

Exhibit AHG Ex 11 FY23 Gen Fund Net Revenue Reaches 6.549B Page 2 of 5
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Case:17-03283-LTS Doc#:24535-11 Filed:06/12/23 Entered:06/12/23 21:36:46 Desc:

Exhibit AHG Ex 11 FY23 Gen Fund Net Revenue Reaches 6.549B Page 3 of 5
Proyección PF01-27-221 

Proyección 

Acum 

2021-22 2022-23 2021-22 2022-23 2021-22 2022-23

Ingreso Bruto al Fondo General 1,071,497 1,215,493 6,786,176 7,186,079 895,022 6,197,406 Gross General Fund Revenues

Reserva para Reintegro (71,700) (88,650) (517,900) (636,550) (88,650) (636,550) Reserve for Refund

Ingreso Neto al Fondo General 999,797 1,126,843 6,268,276 6,549,529 806,372 5,560,856 General Fund Net Revenues

De Fuentes Estatales 989,745 1,122,151 6,105,727 6,425,296 802,563 5,425,373 From Internal Sources

Contributivos 947,875 1,064,619 5,896,072 6,201,289 779,539 5,254,417 Tax Revenues

Contribución a la Propiedad 3 63,443 153 63,459 172 2,281 Property Taxes

Contribución/Ingresos, Total 467,413 495,050 3,027,579 3,391,045 383,513 2,642,025 Income Taxes, Total

Individuos 218,715 260,877 1,243,579 1,445,551 200,375 1,177,515 Individual

Corporaciones 154,154 147,519 1,221,971 1,386,948 124,334 1,041,718 Corporations

Sociedades 12,142 17,349 205,936 213,627 10,842 183,888 Partnerships

Retenida a No Residentes 67,559 53,321 314,857 304,011 40,797 195,365 Non-Resident Witholdings

Intereses 1,027 2,283 4,326 6,448 1,428 8,172 Interest

Impuestos/Dividendos 13,816 13,701 36,910 34,459 5,737 35,368 Tax on Dividends

Contribución/Herencias y Donaciones 77 69 449 622 18 315 Inheritance and Gift Taxes

Impuesto sobre Ventas y Uso (IVU) 289,406 341,534 1,391,016 1,406,908 244,088 1,255,555 Sales and Use Tax

Arbitrios, Gran Total 190,285 152,457 1,471,486 1,307,619 150,700 1,346,242 Excise Taxes, Total

Bebidas Alcohólicas, Total 18,470 24,490 171,023 170,252 25,880 163,730 Alcoholic Beverages, Total

Espíritus Destilados 3,501 3,228 32,179 32,853 7,039 29,653 Destilled Spirits

Cerveza 12,447 12,824 121,059 97,711 16,746 119,604 Beer

Otras bebidas 2,522 8,438 17,785 39,688 2,095 14,473 Other Beverages

Arbitrios Generales, Total 171,816 127,967 1,300,464 1,137,368 124,820 1,182,512 General Taxes, Total

Foráneas (Ley 154) 93,756 60,596 733,046 635,807 58,386 706,252 Foreign (Act. 154)

Productos del Tabaco 5,791 1,161 54,955 47,060 8,282 63,356 Tobacco Products

Productos del Petróleo 8 14,011 309 43,664 53 429 Petroleum Products

Vehículos de Motor 50,653 50,026 377,278 357,503 43,089 263,760 Motor Vehicles

Carreras de Caballos 762 516 3,783 3,466 545 3,123 Horses Races

Primas de Seguros 171 16 4,545 554 19 1,960 Insurance Premiums

Cemento 33 11 231 234 3 19 Cement

Tragamonedas 1,899 0 12,601 10,534 699 6,027 Slot Machines

Otros Arbitrios 18,744 1,630 113,716 38,546 13,745 137,587 Others Excise Tax

Licencias 691 12,066 5,389 31,636 1,049 7,997 Licenses

Vehículos de Motor 15 11,394 321 24,440 62 760 Motor Vehicles

Bebidas Alcohólicas y Otras 1 676 671 5,068 7,196 988 7,237 Alcoholic Beverage and Others

No Contributivos 41,870 57,532 209,655 224,006 23,024 170,956 Non-Tax Revenues

Lotería Tradicional 0 0 0 0 0 - Traditional Lottery

Lotería Electrónica 34,208 32,109 64,643 58,979 2,071 19,260 Electronic Lottery

Rentas Misceláneas 7,662 25,423 145,012 165,027 20,953 151,696 Miscelaneous, Total

Multas y Penalidades 2,727 4,367 15,389 29,913 1,899 14,949 Penalties and Fees

Reg. y Cert. de Documentos 2,721 12,600 58,091 59,432 3,404 40,004 Permits Fee and Penalties

Otros 2,214 8,456 71,532 75,682 15,650 96,743 Others

De Otras Fuentes 10,052 4,692 162,549 124,233 3,809 135,484 From External Sources

Arbitrios sobre Embarques de Ron 10,052 4,692 162,549 124,233 3,809 135,484 Excises on Off-Shore Shipment Rum

p: preliminar / preliminary

28 de febrero de 2023/ February 28, 2023

1

 A partir de enero de 2022, se considera la Nueva Proyección del Plan Fiscal certificado 01-27-22. 

2

 En la partida de Licencias otras se ajustó por $1,001. Esto por concepto del balance pendiente a pago del 'PP2021-24091', Ley 42-2017. Esto, de un total de $4,504.

January July to January

Conceptos Items

INGRESOS NETOS AL FONDO GENERAL - GENERAL FUND NET REVENUES

 Año Fiscal 2022 - 2023- Fiscal Year 2022 - 2023

(en Miles de Dolares - in Thousand of Dollars)

Enero / January

Enero Julio a Enero

Case:17-03283-LTS Doc#:24535-11 Filed:06/12/23 Entered:06/12/23 21:36:46 Desc:

Exhibit AHG Ex 11 FY23 Gen Fund Net Revenue Reaches 6.549B Page 4 of 5
DEPARTAMENTO DE HACIENDA / TREASURY DEPARTMENT

OFICINA DE ASUNTOS ECONÓMICOS Y FINANCIEROS / OFFICE OF ECONOMIC AND FINANCIAL AFFAIRS

Impuesto sobre Ventas y Uso (IVU) Estatal / State Sales and Use Tax (SUT)

Distribución de Recaudos Mensuales / Distribution of Monthly Collections

2022-23 p

Julio 

July 

Agosto 

August 

Septiembre 

September

Octubre 

October

Noviembre 

November

Diciembre 

December

Enero - 

January

Febrero 

February

Marzo 

March 

Abril 

April

Mayo 

May

Junio 

June Total AF 2023

5.5% SUT 1 140,988 156,077 128,541 122,620 136,011 157,921 180,693 1,022,852

4.5% SUT Surcharge 96,340 102,179 91,353 88,620 103,054 113,899 128,974 724,418

4% Services SUT 19,038 17,726 17,908 18,419 18,202 18,228 29,661 139,182

0.5% FAM SUT 12,837 14,201 11,687 11,148 12,365 14,358 16,434 93,029

1% Municipal SUT 2 1,623 2,352 1,581 2,187 1,885 2,524 1,765 13,919

 -

Subtotal 270,826 292,535 251,070 242,994 271,518 306,930 357,527 1,993,400

Penalties, Interest and Others 2,234 1,159 1,099 1,271 1,707 2,333 2,206 12,008

Total SUT Collections 273,060 293,694 252,169 244,265 273,224 309,262 359,733 2,005,407

 - - -

Unallocated SUT Collections:3 - - -

Starting Balance 51,661 49,714 29,574 22,333 20,536 31,744 27,334 27,334

Net Increase (Decrease) (1,946) (20,141) (7,241) (1,797) 11,207 (4,410) (7,074) (7,074)

Ending Balance 49,714 29,574 22,333 20,536 31,744 27,334 20,259 20,259

Total (include Unnallocated balance) 322,774 323,268 274,502 264,801 304,968 336,596 379,992 379,992

General Fund 117,612 121,064 110,359 164,979 258,974 292,380 341,534 1,406,902

13 de febrero de 2023/February 13, 2023

2

 The Treasury Department is awaiting the determination of the FOMB as to the source of collections for the Film Fund.

Año Fiscal / Fiscal Year 2022-2023

(Miles de Dólares / In Thousands)

1

 The first funds of the 5.5% SUT collected each fiscal year, up to a specific amount each fiscal year, are owned by COFINA ("COFINA Revenues"). The collections derived from the 5.5% SUT, up to the COFINA Revenues for each fiscal year, are pledged to secure the bonds issued by COFINA. The 

amount for the fiscal year is $472.651 million, after this amount the 5.5% of the SUT pass to the General Fund.

2

 The Treasury Department receives certain Municipal SUT tax collections related to internet sales and imported goods, among other things. These amounts are then distributed to the Municipal Finance Corporation, which collects the Municipal SUT of 1%. 

3

 These amounts are reported as Unallocated SUT Collections until the corresponding tax return is filed, which contains the information required to allocate and determine the ownership of the various SUT collections. Amounts reported as Unallocated SUT Collections include (i) payments 

corresponding to large taxpayers’ obligation to make SUT payments twice a month that are deposited in the SUT Collections Account but cannot be allocated until the corresponding tax return is filed on the 20th day of the following month or, in the case of the use and import return, the 10th 

day of the following month, (ii) overpayments, which are payments made by certain taxpayers in excess of their SUT obligation and where the taxpayer has not yet applied the resulting credit (the “Overpayments”), and (iii) payments made by taxpayers where the taxpayer has failed to file the 

tax return showing how the payment should be allocated. In the case of the Overpayments, these mostly result from certain large taxpayers that make SUT payments twice a month based on estimates that are in excess of their actual SUT obligation, in order to avoid the imposition of penalties 

by the Treasury Department. 

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