DOR: Revenue falls short of expectations in December

THE R.I. DEPARTMENT OF REVENUE said revenue missed expectations in December by $16.5 million, or 5.5 percent. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE said revenue missed expectations in December by $16.5 million, or 5.5 percent. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – The R.I. Department of Revenue said December revenue came in $16.5 million, or 5.5 percent, lower than what was expected.

The DOR said Friday that adjusted revenue reached $281 million, but fell short of the $247.5 million that was projected. All major categories experienced declines compared with expected revenue, with all other general revenue sources falling the most, at 10 percent, followed by personal income tax, which experienced a 7 percent decline, departmental receipts, which fell 5.6 percent short, and sales and use tax and lottery transfer, which had declines of 2.8 percent and 0.2 percent, respectively.

The DOR uses revenue estimates adopted at the November 2016 Revenue Estimating Conference.

Through the first six months of the fiscal year, revenue again failed to meet expectations, falling $10.3 million, or 0.7 percent, short.

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Total revenue through the fiscal period was $1.57 billion, compared with $1.58 billion expected. Sales and use tax, as well as other general revenue sources, had the greatest declines over what was anticipated, at 0.9 percent each, followed by lottery transfer (-0.8 percent), departmental receipts (-0.5 percent) and personal income tax (-0.3 percent).

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