DOR: Revenue exceeds expectations in May, fiscal YTD

THE R.I. DEPARTMENT OF REVENUE SAID revenue exceeded expectations in both May and on a fiscal year-to-date basis. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE SAID revenue exceeded expectations in both May and on a fiscal year-to-date basis. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Revenue exceeded expectations in both May and on a fiscal year-to-date basis, according to the R.I. Department of Revenue.
The state agency released its fiscal 2015 revenue assessment report for May which compares adjusted general revenue on both a monthly and fiscal year-to-date basis with expected general revenue.
May revenue was $238.5 million, 3.9 percent higher than $229.6 million expected, according to the DOR, which described May’s revenue as “robust.”
Among the five revenue categories listed, personal income tax accounted for the largest portion of the $238.5 million at $77.8 million, and grew 2.1 percent over what was expected.
Revenue from the sales and use tax was $79.3 million, a 1.9 percent increase over what was expected, and lottery totaled $33.9 million, a 1 percent increase, while other general sources grew 20 percent over what was expected to $34.2 million.
Departmental receipts was the only segment where revenue was below state expectations – it declined 1 percent to $13.4 million.
“It is always a good month when the three largest sources of general revenue are ahead of expectations and May 2015 was a good month,” Acting Director of Revenue David M. Sullivan said in a statement.
Revenue also was higher on a fiscal year-to-date basis, growing five-tenths of a percentage point to nearly $3 billion from $2.9 billion expected.
Other general revenue sources again had the greatest increase over expected revenue at 2.9 percent to $515.9 million, followed by departmental receipts with a 2.4 percent increase to $165.9 million.
Personal income tax was flat at $1.1 billion, while sales and use tax only grew one-tenth of a percentage point over what was expected to $872.6 million. Lottery declined nine-tenths of a percentage point to $314.9 million compared with expected revenue.
Sullivan said it is “remarkable” to have year-to-date adjusted revenue ahead of revised year-to-date expected revenue by $16 million in the first month following the $106.8 million upward revision of fiscal 2015 revenue.
Expected revenue was adjusted upward by $106.8 million at the May 8 revenue estimating conference.

No posts to display