DOR: Cash collections show mixed results in February

THE R.I. DEPARTMENT OF REVENUE  said general revenue cash collections rose 1 percent in the fiscal year to date ending in February compared with the same fiscal period a year earlier. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE said general revenue cash collections rose 1 percent in the fiscal year to date ending in February compared with the same fiscal period a year earlier. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Total general revenue cash collections rose 1 percent when comparing the fiscal year-over-fiscal year period through February, but fell 7.1 percent when comparing February with February 2016, the R.I. Department of Revenue said Tuesday.

Cash collections rose to $2.21 billion in the first eight months of the fiscal year, compared with cash collections of $2.19 billion in the previous fiscal period. In the predecessor fiscal period, the growth rate was 2.3 percent, however.

Departmental receipts had the greatest gain over the fiscal period at 6.7 percent to $282.7 million, while both lottery transfer and all other revenue declined 3.3 percent, to $207.1 million and $240 million, respectively.

Personal income tax grew 1.8 percent over the fiscal year to $804.8 million, while sales and use tax rose 1.9 percent over the same period to $677.4 million.

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For the month of February alone, cash collections dipped to $160.6 million, with all other revenue reporting the largest decline at 34.6 percent, to $22.8 million. The DOR said million-dollar decreases in motor vehicle license and registration fees, cigarettes excise taxes, insurance companies’ gross premiums taxes, departmental receipts and public utilities gross earnings taxes drove this shortfall.

The next-largest decline was in lottery transfer at 15 percent, to $28.5 million, and departmental receipts with a 13 percent decrease to $14.2 million.

Declines in traditional lottery games and the video lottery terminals at Twin River were the main causes of the lottery decrease, the state agency said.

Personal income tax had the greatest increase over the year at 16.6 percent, to $32.1 million, while sales and use tax rose 2.9 percent to $69.1 million.

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