R.I. cash collections up in August

THE R.I. DEPARTMENT OF REVENUE reported that the state's general revenue cash collections increased 4 percent year-to-date in August. Director of Revenue Rosemary Booth Gallogly said collections
THE R.I. DEPARTMENT OF REVENUE reported that the state's general revenue cash collections increased 4 percent year-to-date in August. Director of Revenue Rosemary Booth Gallogly said collections "remain strong." / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – The R.I. Department of Revenue showed that year-to-date, total general revenues increased 4 percent compared with the same two-month period last year.
In its recently released monthly cash collections report for August, the department reported that year-to-date, total general revenue was $586.8 million, a 4 percent increase on the $564.5 million during the same fiscal period last year.
Comparing August 2014 to August 2013, total general revenue increased 0.7 percent to $238.3 million.
Included in the general revenue is personal income tax, sales and use tax, departmental receipts, lottery transfer and other general revenue sources.
Regarding the year-to-date numbers, Director of Revenue Rosemary Booth Gallogly said that fiscal 2015 cash collections “remain strong,” noting the 4 percent growth over fiscal 2014. She said the growth was fueled by the receipt of $5.5 million for a delinquent fiscal 2013 hospital licensing fee payment, but limited by the payment of $5.1 million in business corporations tax refunds.
“That said, the growth in sales and use tax cash collections is solid and perhaps due to a strong start to the tourist season in Rhode Island,” Gallogly said.
She added that fiscal 2015 personal income tax cash collections through August increased compared with the same period last fiscal year “with the payout of fewer refunds and a solid increase in withholding tax payments.”
Gallogly said the monthly cash collection figures for August were “skewed somewhat” by the $5.1 million payment in business corporations tax refunds. Without those refunds, she said the year-over-year cash collections would have been in line with July’s numbers.
Lottery transfer payments dipped 3 percent, from $32.9 million in August 2013 to $31.9 million last month. Gallogly said the decrease was mostly due to a shortfall in traditional lottery products such as scratch tickets, Powerball and MegaMillions.
“The state’s share of net terminal income generated from the video lottery terminals at Twin River and Newport Grand also fell which is consistent with gaming revenue performance in the Northeast in general,” Gallogly said in a statement.
The full cash collections report can be viewed at www.dor.ri.gov/.

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