PROVIDENCE – Cash collections increased in October and during the first fourth months of the fiscal year by 2.1 percent and 2.5 percent, respectively, when compared with the corresponding periods last year, the R.I. Department of Revenue said Friday.
October cash collections grew to $253.4 million from $248.2 million in October 2015, fueled by a nearly 18 percent increase in “all other revenue,” which the state agency said was due to a “sharp year-over-year increase in business corporations tax cash collections.”
A 3.1 percent increase in lottery transfer payments, 1.3 percent gain in sales and use tax, and 0.2 percent growth in personal income tax also contributed to the growth in cash collections. The only category among the revenue sources to experience a decline was departmental receipts, which fell 5.5 percent over the year, the state agency said.
A total of $1,205,588,482 was collected through the October fiscal period, compared with $1,176,397,766 during the same fiscal period last year. All revenue sources experienced growth during the four-month period, with departmental receipts reporting the largest increase at 4.2 percent, followed by all other revenue at 2.7 percent, lottery transfer at 2.5 percent, sales and use tax at 2.1 percent, and personal income tax at 1.9 percent.
