THE Commonwealth government missed its projected revenue in the past three quarters of fiscal year 2023 by $10.2 million, according to the unaudited quarterly report ending June 30, 2023 submitted to the Legislature by Finance Secretary Tracy B. Norita.
The first quarter of FY 2023 covered the period from Oct. 1, 2022 to Dec. 31, 2022; the second quarter from Jan. 1, 2023 to March 31, 2023; and the third quarter from April 1, 2023 to June 30, 2023.
In her letter to Senate President Edith Deleon Guerrero and Speaker Edmund Villagomez, Norita attached a spreadsheet representing FY 2023 local revenue forecast compared to the actual collection of taxes, licenses and fees.
The report indicates that the projected budgetary resources identified in the FY 2023 budget for three quarters of the fiscal year was $43,011,530, but the actual collection was only $32,802,214 — short of $10,209,316 or 24%.
The total tax collections fell short by $2,476,397 or 10%. The tax collection forecast for the first, second and third quarters was $25,704,330, but the actual collection was only $23,227,933.
The Finance secretary also submitted the government’s expenditure report for the first, second and third quarters, which indicated a $10.1 million difference between the budgeted amount and the actual expenses plus encumbrances.
The total budget for the first, second and third quarters was $109.5 million, but the expenses and encumbrances were $99.7 million and $19.9 million respectively for a total of $119.6 million.
FY 2023 ends on Sept. 30, 2023.
