"Office of the Secretary
October 14, 2013
TREASURY ANNOUNCES FINAL FIRST QUARTER REVENUES
$126 MILLION INCREASE IN SEPTEMBER REVENUES AT CLOSING, 1st QUARTER FY 2014 REVENUE COLLECTIONS INCREASED BY $88 MILLION OR 5.4% YOY
1st Quarter revenues exceed budget estimates by $10.4 million
(San Juan, Puerto Rico) – Treasury Secretary Melba Acosta announced that closing revenues for September totaled $731 million, reflecting a year-over-year increase of $126 million, or 21%.
“Revenue collections totaled $1,699 million in the first quarter of fiscal 2014 (July-September). This figure exceeded collections for the fiscal first quarter of 2013 by $88 million, or 5.4 percent, and exceeded budget estimates for this period by $10.4 million,” she stated."
Here is more detailed financial information.
Commonwealth of Puerto Rico - Financial Information and Operating Data Report - October 15, 2013
Puerto Rico's real GNP, deficit and unemployment trends, debt service requirements, and underfunded retirement liabilities from the report.
On Puerto Rico's underfunded retirement liabilities:
For many years, the financial condition of the three Commonwealth retirement systems has been one of the principal fiscal challenges facing Puerto Rico. Although certain measures had been implemented in recent years to address the recurring solvency issue of the retirement systems, such as the enactment in 2011 of a gradual increase in the statutory rate for employer contributions to the Employees Retirement System and the Teachers Retirement System, the retirement systems were projected to run out of cash within the next ten years unless a more comprehensive reform was adopted. As of June 30, 2012, the date of the latest actuarial valuations of the three retirement systems, the unfunded actuarial accrued liability (including basic and system administered benefits) for the Employees Retirement System, the Teachers Retirement System and the Judiciary Retirement System was $26.4 billion, $10.3 billion and $358.0 million, respectively, and their funded ratios were 4.5%, 17.0% and 14.1%, respectively.
To ease market fears, Puerto Rico's government provided an update on its fiscal and economic progress. The second PDF is their full webcast presentation.
GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO PROVIDES UPDATE ON FISCAL AND ECONOMIC DEVELOPMENT PROGRESS
The Commonwealth of Puerto Rico Update on Fiscal and Economic Progress FY 2014 Q1 Investor Webcast - October 15, 2013
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- Feeling the Heat From Puerto Rico (Morningstar, 10/17/2013) *includes top bond holders
- Puerto Rico May Skirt New Debt Sales to Avoid High Costs (Bloomberg, 10/16/2013)
- Puerto Rico Denies Rumors of Bankruptcy, Takeover (ABC, 10/16/2013)
- OppenheimerFunds brave muni badlands with $2 bln Citi credit (Reuters, 10/16/2013)
- Storm Of Puerto Rican Bonds Hits U.S Mainland (Forbes, 10/15/2013)
- Puerto Rico Munis Down 6.6% In October, Down Nearly 25% in 2013 – S&P DJI (Barron's Income Investing, 10/14/2013)
- Puerto Rico's Bonds Collapse (Acting Man, 10/14/2013)
- Bond Insurer Cushions Adequate for Puerto Rico Losses, S&P Says (BusinessWeek, 10/14/2013)
- Galvin eyeing Puerto Rican muni debt obligations (InvestmentNews, 10/13/2013)
- OppenheimerFunds loses more bond bets (InvestmentNews, 10/13/2013)
- Puerto Rico Might Need A Federal Bailout Because It Can't Declare Bankruptcy (Business Insider, 10/9/2013)
- Puerto Rico Bonds ‘Completely Junk’ – Kyle Bass On CNBC (Barron's Income Investing, 10/9/2013)
- Worsening Debt Crisis Threatens Puerto Rico (NY Times, 10/8/2013)
- UPDATE 2-Puerto Rico expects U.S. economic incentives -Bhatia (Reuters, 10/7/2013)
- Oppenheimer Funds: Puerto Rico muni bonds: A contrarian view (InvestmentNews, 9/29/2013)