Cash collections increase in May, fiscal YTD

CASH COLLECTIONS grew 6.6 percent during the 11-month fiscal year period that ended in May compared with the prior year period, and 8.2 percent in May compared with May 2014, according to a report from the state Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE
CASH COLLECTIONS grew 6.6 percent during the 11-month fiscal year period that ended in May compared with the prior year period, and 8.2 percent in May compared with May 2014, according to a report from the state Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections grew 6.6 percent during the 11-month fiscal year period that ended in May, and 8.2 percent in May alone, according to a report from the state Department of Revenue.
On a fiscal year-to-date basis, total general revenue totaled $3.1 billion, $190.5 million more than the previous fiscal period, the state agency said.
Among the revenue categories, personal income tax collections fueled the growth, with a 10.3 percent increase in that segment alone, boosting revenue to $1.1 billion. Other general revenues increased 9.2 percent, to $507.6 million, and sales and use tax grew 5.5 percent, to $871.7 million. Lottery transfer only rose four-tenths of a percentage point to $315.1 million, while departmental receipts – the only revenue source to experience a decline – dropped two-tenths of a percentage point to $313 million.
Acting Director of Revenue David M. Sullivan said that year over year, personal income tax revenue “remains incredibly strong.”
In May, total general revenue was $238.3 million, $18 million more than in May 2014. Among the revenue categories, other general revenue sources grew 29.1 percent to $34.2 million, sales and use tax rose 10.8 percent to $79.2 million and lottery increased 5.7 percent to $33.9 million. Departmental receipts slipped 1.9 percent to $13.6 million.

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