DOR: Preliminary fiscal ’15 total general revenue exceeds estimates

THE R.I. DEPARTMENT OF REVENUE released its special report on preliminary revenue, showing that total general revenue exceeded revenue estimates by 0.7 percent, or $23.9 million. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE released its special report on preliminary revenue, showing that total general revenue exceeded revenue estimates by 0.7 percent, or $23.9 million. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – The R.I. Department of Revenue said fiscal 2015 total general revenue exceeded final enacted fiscal 2015 revenue estimates by $23.9 million, or 0.7 percent.

Preliminary fiscal 2015 total general revenue was $3.64 billion compared with $3.61 billion estimated. The state agency said that the report on preliminary revenue is the last one that will be issued about fiscal 2015 revenue.

Acting Director of Revenue David M. Sullivan said in a statement on Tuesday that “preliminary total general revenues came in above the estimates enacted in the final [fiscal] 2015 budget in June but the variance between preliminary and enacted [fiscal] 2015 total general revenues was less than 1 percent. What is really impressive is that the final enacted [fiscal] 2015 personal income tax revenue estimate was within $1,000,000 of the preliminary [fiscal] 2015 personal income tax revenues. On a base of $1.2 billion that is awfully close.”
For the other major revenue sources, the variances between preliminary revenues and final enacted revenue estimates were generally within 1 percent, with only preliminary fiscal 2015 all other general revenues sources above the final enacted estimate by more than 1 percent, he said.

Sales and use tax also came in above estimates with a 1 percent increase, to $963.4 million.

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Sullivan said that preliminary fiscal 2015 total general revenue of $3.64 billion “soared past audited [fiscal] 2014 total general revenues, eclipsing last year’s all-time peak of $3.43 billion by more than $200 million. An absolutely outstanding performance.”

The state agency said that growth in fiscal 2015 preliminary revenue over fiscal 2014 audited revenue was “positive for all the major general revenue categories, with personal income tax revenues increasing by 10 percent, and sales and use tax revenues increasing by 5 percent.”

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