DOR: Cash collections increase fiscal YTD in April

CASH COLLECTIONS increased 1.7 percent when comparing the first 10 months of the fiscal year with the same period last year, but fell 5.5 percent when comparing April with April 2015. / COURTESY R.I. DEPARTMENT OF REVENUE
CASH COLLECTIONS increased 1.7 percent when comparing the first 10 months of the fiscal year with the same period last year, but fell 5.5 percent when comparing April with April 2015. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections increased 1.7 percent when comparing the first 10 months of the fiscal year with the same period last year, but fell 5.5 percent when comparing April with April 2015.

The state Department of Revenue released the cash collections report Tuesday, showing that fiscal year to date through April cash collections totaled $2.9 billion, while cash collections in April alone totaled $345.8 million.
“The growth rate for the year remained positive despite a drop in nearly all general revenues cash collections components for the month of April. The month of April was driven by lower personal income tax and all other revenues cash collections on a year-over-year basis,” R.I. Department of Revenue Director Robert S. Hull said in a statement.
The agency noted that fiscal year to date, personal income tax cash collections totaled approximately $1.056 billion, an increase of 4.2 percent.
It also said fiscal year-to-date sales and use-tax cash collections totaled $811 million, 2.4 percent more than the last fiscal period, despite the 2016 repeal of sales and use tax on electricity, natural gas and heating fuels (to commercial buyers for non-manufacturing purposes). The Office of Revenue Analysis estimates that $20.9 million of sales and use tax revenue has been lost due to this change.
Departmental receipts increased fiscal year over fiscal year by three-tenths of a percentage point, to $300.2 million.
Lottery transfer collections fell 2 percent compared with the previous fiscal period, to $275.7 million, something the DOR blamed mostly on gaming competition in nearby Massachusetts.
Year over year collections in April showed declines in everything but departmental receipts, which grew 15.2 percent to $20.7 million.

No posts to display