DOR: Cash collections rise 5.4% in July and August

CASH COLLECTIONS rose 8.6 percent, to $268.9 million in August, the R.I. Department of Revenue said this week. / COURTESY R.I. DEPARTMENT OF REVENUE
CASH COLLECTIONS rose 8.6 percent, to $268.9 million in August, the R.I. Department of Revenue said this week. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections increased 5.4 percent, or $33.1 million, to $651 million in the first two months of the fiscal year, the R.I. Department of Revenue said this week.

The new fiscal year began July 1.

The growth rate for fiscal 2017 through August is in line with the 5.3 percent growth rate recorded in the same two-month fiscal period last year, the DOR said.

Among the five major revenue segments, lottery grew 6.7 percent over the year to $32.8 million, helped by a 37 percent boost in traditional game revenue, and departmental receipts increased 5.3 percent to $179.1 million, primarily due to increased hospital licensing fee payments received in July. All other revenue had the greatest increase at 17.5 percent, to $75.2 million.
Personal income tax rose 2.3 percent, to $176.6 million, while sales and use tax increased 3.7 percent, to $187.3 million.

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Comparing cash collections for the month of August with August 2015’s cash collections, revenue rose 8.6 percent, or $21.2 million, to $268.9 million.

All other general revenue grew 11 percent in August to $28 million, the result of approximately $4.7 million in higher estate and transfer and cigarettes tax payments received in August compared with August 2015.

Personal income tax cash collections rose 8.6 percent over the year in August to $99 million, something the DOR said was “driven overwhelmingly” by an increase of $9.5 million, or 10.4 percent, in personal income tax withholding payments versus August 2015.

Sales and use tax cash collections rose 8.5 percent over the year in August, to $96.4 million. That includes $2.3 million from an audit recovery of sales and use tax. Departmental receipts rose 8.6 percent, to $12.7 million.

The lottery cash collections figure in August was the same as the fiscal year amount at $32.8 million. Lottery collections are not accounted for until August, according to the DOR.

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