DOR: Revenue exceeded expectations in July

REVENUE EXCEEDED expectations by 4.2 percent during the first month of the fiscal year, according to the state Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE
REVENUE EXCEEDED expectations by 4.2 percent during the first month of the fiscal year, according to the state Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Revenue exceeded expectations by 4.2 percent during the first month of the fiscal year, according to the state Department of Revenue.
“A solid start to the fiscal year is important, as it provides something of a cushion to revenues should unexpected declines occur in future months and July 2015 is a solid start to say the least,” Acting Director David M. Sullivan said in a statement.
The agency’s Office of Revenue Analysis said that fiscal 2016 adjusted revenue was $218.2 million, $8.9 million more than the $209.3 million expected.
Among the revenue categories, departmental receipts had the largest increase compared with what was expected at 20.5 percent, followed by other general-revenue sources, a 20 percent jump, and sales and use tax, a 1.3 percent hike. Personal income tax also increased 0.4 percent over what was expected to $80 million.
“It is good to see both personal income tax revenues and sales and use tax revenues ahead of expectations right out of the gate, but there is some concern with the fact that personal income tax withholding payment revenues started the year $3.9 million below expectations,” Sullivan said. “The fact that this shortfall was more than offset by business-corporations tax revenues and estate and transfer tax revenues provides little comfort given the more volatile nature of these revenue sources.”
Business-corporation tax revenue was $3.8 million more than expected, and estate and transfer tax revenue was $1.8 million more than expected, he said.

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