DOR: Revenue exceeds expectations fiscal YTD, and in October

THE R.I. DEPARTMENT of Revenue said revenue exceeded expectations on a fiscal year to date basis, and in October, by 2.5 percent and 1.2 percent, respectively. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT of Revenue said revenue exceeded expectations on a fiscal year to date basis, and in October, by 2.5 percent and 1.2 percent, respectively. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Revenue is ahead of projections by 2.5 percent for the first four months of the fiscal year, according to the state Department of Revenue.
The state agency, which released its revenue assessment report Friday, said revenue climbed $24.8 million to $1 billion compared with expected revenue of $999.1 million for the same fiscal year period.
“Fiscal year-to-date adjusted total general revenues continued to gain momentum through October beating expectations by nearly $25 million,” Acting Director of Revenue David M. Sullivan said in a statement.
Among the revenue categories, lottery transfer had the greatest jump over what was estimated, posting a 7.8 percent increase to $89.9 million fiscal year to date. Departmental receipts also grew 4 percent, to $56.1 million, compared with $53.9 million expected. Sales and use tax climbed 1.2 percent, to $351.3 million, and personal income tax rose 0.8 percent, to $396.3 million.
For the month of October alone, revenue increased 1.2 percent, to $247.7 million from $244.8 million expected, the state agency said. Lottery transfer again led the revenue categories, growing 8.3 percent to $29 million from $26.8 million expected.

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