DOR: February revenue ahead of expectations on fiscal YTD, monthly basis

THE R.I. DEPARTMENT OF REVENUE  said that total general revenue was ahead of expected revenue by 2.4 percent for the first eight months of the fiscal year, according to its monthly revenue assessment report for February. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE said that total general revenue was ahead of expected revenue by 2.4 percent for the first eight months of the fiscal year, according to its monthly revenue assessment report for February. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Total general revenue was ahead of expected revenue by 2.4 percent for the first eight months of the fiscal year, according to the state Department of Revenue’s monthly revenue assessment report for February.

Total general revenue was $1.99 billion compared with an expected $1.95 billion, a difference of $47.1 million.

Departmental receipts increased 4.5 percent over expected revenue during that time period to $121.9 million, while personal income tax grew 3.8 percent, to $770.6 million.

Director of Revenue Rosemary Booth Gallogly said in a statement that fiscal year-to-date sales and use tax adjusted revenue remains above expected revenue, even though “the gap has narrowed to the point of there being no discernible difference between actual adjusted revenues and revised expected revenues.” The increase was one-tenth of a percentage point to $645.6 million.

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Revenue estimates were adopted at the November 2014 Revenue Estimating Conference, where fiscal 2015 total general revenues were revised up by $15.8 million, including by $3 million for February.

Adjusted total general revenue for February was $178.3 million, an increase of 1.7 percent compared with $175.3 million expected. Personal income tax increased 4 percent in February to $35.2 million from expected revenue of $33.9 million, while departmental receipts rose 13.5 percent to $14.7 million from expected revenue of $13 million. Sales and use tax declined 2 percent to $67.6 million and lottery transfer dipped 1.4 percent to $29.3 million.

“Although adjusted sales and use tax revenues were nearly $1.4 million below expected monthly revenues for February, I have to believe that Winter Storm Juno in late January depressed sales activity the revenues from which would have been realized in February. A similar situation exists with the lottery transfer and the closure of Newport Grand and Twin River from 5 p.m. on Jan. 26 until noon on Jan. 28,” Booth said.

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