Background on Querétaro and its Financial Relevance
Querétaro, a state in central Mexico, is projecting a 1% increase in its total revenues for the fiscal year 2025. This projection was shared by Gustavo Arturo Leal Maya, the Secretary of Finance, during the fourth state of the union address. Querétaro’s financial performance is significant as it serves as a model for other states in managing finances amidst economic challenges.
Projected Revenues Breakdown
For 2025, Querétaro anticipates total revenues amounting to 60,904 million pesos. This represents a slight increase from the 60,352 million pesos recorded in the 2024 fiscal year. The projected revenues consist of:
- Federal Revenues: Approximately 78% (47,492 million pesos) from federal shares, participations, and incentives. This figure reflects an annual growth of roughly 1.6%.
- State Revenues: The remaining 22% (13,413 million pesos) from state-generated income.
State-Generated Incomes
Querétaro projects to receive 13,413 million pesos from state-generated incomes in 2025. This represents a 1.3% decrease compared to the previous year, primarily due to anticipated reductions in income from aprovechamientos (utilization rights) and product sales.
Leal Maya clarified that this decrease is partly attributed to the inclusion of a credit letter in the previous year’s income, which was an atypical resource.
- Aprovechamientos: Projected income of 335 million pesos in 2025, a 87.2% decrease from 2024.
- Product Sales: Anticipated income of 874 million pesos in 2025, a 15.7% decrease from 2024.
- Rights: Estimated income of 4,444 million pesos in 2025, a 62.5% increase from the previous year.
Tax Revenue Projections
Querétaro expects to collect 7,759 million pesos in tax revenues for 2025, marking a 7.7% increase from the 2024 collections.
Despite the challenging macroeconomic environment, Querétaro has managed to achieve nearly 70% progress in tax collection by August, according to Leal Maya.
Debt and Federal Convenants
Regarding public debt, Querétaro contracted 3,903 million pesos in 2023 (including interests) and expects to finish payments by August 2027. As of now, 46% of this debt has been settled.
In terms of federal revenues through convenios (agreements), Querétaro expects to receive 3,901 million pesos in 2025, a 5% increase from the 3,715 million pesos received in 2024. However, this amount represents a 31% decrease (-1,781 million pesos) compared to the 5,682 million pesos received in 2014.
Key Questions and Answers
- What is the projected increase in total revenues for Querétaro in 2025? Querétaro anticipates a 1% increase in total revenues for 2025, amounting to approximately 60,904 million pesos.
- What percentage of the projected revenues come from federal sources? About 78% (47,492 million pesos) of Querétaro’s projected revenues for 2025 are expected to come from federal sources.
- Why is there a decrease in state-generated incomes for 2025? The projected decrease in state-generated incomes (1.3%) is mainly due to anticipated reductions in income from aprovechamientos and product sales, partly influenced by atypical resources included in the previous year.
- What is the projected growth in tax revenues for 2025? Querétaro expects a 7.7% increase in tax revenues for 2025, amounting to approximately 7,759 million pesos.
- How does Querétaro’s public debt situation look? Querétaro contracted 3,903 million pesos in public debt in 2023, with 46% of it settled as of August. The debt is expected to be fully paid by August 2027.
- What is the projected change in federal revenues through convenios for 2025? Querétaro expects a 5% increase in federal revenues through convenios for 2025 (3,901 million pesos), although this represents a 31% decrease compared to the 5,682 million pesos received in 2014.
