DOR: Cash collections rise 2.1% fiscal YTD, 7.3% in May

THE R.I. DEPARTMENT OF REVENUE said cash collections climbed 2.1 percent through the first 11 months of the fiscal year compared with the same stretch a year ago, and increased 7.3 percent in May when compared with May 2015. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE said cash collections climbed 2.1 percent through the first 11 months of the fiscal year compared with the same stretch a year ago, and increased 7.3 percent in May when compared with May 2015. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections climbed 2.1 percent through the first 11 months of the fiscal year, to $3.2 billion, compared with $3.1 billion during the same fiscal period a year ago, the R.I. Department of Revenue said Thursday.
Breaking down the five revenue categories included in the report, personal income tax revenue increased 3.3 percent fiscal year to date over fiscal year to date, to $1.2 billion, while all other revenue climbed 2.8 percent, to $521.9 million, sales and use tax revenue rose 1.8 percent, to $887.7 million, and departmental receipts grew 1.7 percent, to $317 million.
Lottery transfer fell 2.1 percent, to $308.4 million, something the DOR blamed on gaming competition in Massachusetts.
May cash collections climbed 7.3 percent, to $254.3 million, compared with May 2015 cash collections of $237.1 million.
DOR Director Robert S. Hull said “strong increases” in departmental receipts cash collections and all other revenue cash collections fueled the year-over-year increase. Those categories grew 36.3 percent and 70.1 percent, respectively.
He said those increases “more than offset decreases in year-over-year personal income tax, sales and use tax, and lottery transfer cash collections” in May.
Among those categories, personal income tax had the greatest year-over-year drop at 9.7 percent, to $69.9 million from $77.4 million. The DOR said this decrease was driven “overwhelmingly” by an increase of $15.5 million, or 84.3 percent, in personal income tax refunds and adjustments compared with May 2015.

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