Cash collections increase 5% fiscal YTD, 4.6% in September

CASH COLLECTIONS increased 5.1 percent through the first three months of the fiscal year, and 4.6 percent in September alone, the state Department of Revenue said this week. / COURTESY R.I. DEPARTMENT OF REVENUE
CASH COLLECTIONS increased 5.1 percent through the first three months of the fiscal year, and 4.6 percent in September alone, the state Department of Revenue said this week. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections increased 5.1 percent through the first three months of the fiscal year, and 4.6 percent in September alone, the state Department of Revenue said this week.
Revenue from cash collections totaled $928.2 million fiscal year to date, compared with $883.4 million during the year-ago period, the state agency said.
Among the revenue categories, personal income tax rose 6.5 percent to $305.2 million, and sales and use tax climbed 5.1 percent to $267.8 million. Other general revenue sources grew 20.7 percent to $111.3 million. Lottery transfer fell 8 percent to $60.9 million, and departmental receipts decreased three-tenths of a percentage point to $183.1 million.

Acting Director of Revenue David M. Sullivan said the growth rate occurred despite the decrease in lottery transfer cash collections, something he blamed on the opening of Plainridge Park Casino in Plainville, Mass.
“If the lottery transfer had held steady in the face of this gaming competition, then the growth in [fiscal] 2016 total general revenue cash collections through September would have been 5.7 percent. Even so, a 5.1 percent growth rate is nothing to cast aspersions upon,” Sullivan said in a statement.
September’s revenue from cash collections was $310.3 million, compared with $296.6 million a year ago, the state agency said.
Aside from other general revenue sources, which increased 25.2 percent, contributing $47.2 million to total revenue, personal income tax had the next-largest gain at 4.7 percent, with $132.6 million in revenue. Lottery transfer fell nearly 12 percent in September to $30.2 million, due to decreased video gaming, again presumably due to the effect from Plainridge.
“The month of September’s growth in total general revenue cash collections was an improvement over the rate of growth recorded in August,” Sullivan said.

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