DOR: Revenue exceeds expectations in October

PROVIDENCE – Total general revenue again exceeded expectations for the first four months of the fiscal year, as well as for the month of October, according to information released by the R.I. Department of Revenue on Wednesday.

September’s revenue figures also showed the same pattern.

On a fiscal year-to-date basis ending Oct. 31, general revenue was $993.8 million, an increase of 1.7 percent compared with expected revenue of $976.9 million for the same period. Departmental receipts showed a 5.6 percent increase to $59 million over an estimated $55.9 million. Lottery transfer fell 0.2 percent to $96.4 million, from an estimated $96.6 million.

Revenue estimates are based on the fiscal 2015 budget.

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“Fiscal year-to-date adjusted revenues accelerated nicely through October providing the state with positive momentum as we enter the holiday season and the uncertain weather that comes with the onset of winter,” Director of Revenue Rosemary Booth Gallogly said in a statement.

Sales and use tax revenue rose 2.2 percent, to $338 million, a “sign that the state’s economic recovery is potentially expanding to more consumers,” according to the state department.

Total general revenue for the month of October increased 4 percent, to $251 million compared with an expected $241.3 million. Sales and use tax jumped 5.3 percent to $83.2 million, compared with an estimated $79 million. Departmental receipts rose 4.8 percent, to $20.5 million, and personal income tax increased 2.5 percent to $87.5 million. However, lottery transfer fell 2.3 percent, to $30.2 million from an expected $31 million.

Gallogly said that October results are “up across the board with the exception of the lottery transfer. The October 2014 adjusted sales and use tax revenues are up sharply over expected revenues.”

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