DOR: Revenue exceeds expectations fiscal YTD in January by 1.7%

PROVIDENCE – Revenue exceeded expectations by 1.7 percent for the first seven months of the fiscal year, the state Department of Revenue said Wednesday.

Revenue totaled $1.9 billion, compared with $1.8 billion expected, the state agency said. The increase was boosted by higher-than-expected lottery revenue, at 2.9 percent, and departmental receipts and personal income tax revenue, each of which increased 2.1 percent over expectations. Other general revenue sources also rose 4.4 percent.

For the month of January, revenue exceeded what was expected by $100,443 or 0.03 percent, for a total of $303.2 million. A total of $303.1 million was expected. Departmental receipts jumped 20.3 percent over what was expected to $25.9 million, and lottery transfer rose 10.1 percent, to $30.9 million, offset by other general revenue sources, which plunged 32.4 percent, to $16.9 million.

“The January 2016 results were sobering as for the first time this fiscal year the monthly results essentially exactly met expectations,” Acting Director of Revenue Marilyn S. McConaghy said.

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