DOR: Cash collections rise in November

THE  R.I. DEPARTMENT OF REVENUE released data showing that November cash collections increased on a fiscal year-to-date and monthly basis. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE released data showing that November cash collections increased on a fiscal year-to-date and monthly basis. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – November cash collections increased on a fiscal year-to-date and monthly basis, according to the state Department of Revenue.

Total general revenue increased 2.8 percent fiscal year-to-date to $1.36 billion, from $1.33 billion during the same period a year ago. Revenue from departmental receipts had the greatest gain at 6.6 percent, followed by sales and use tax at 4.4 percent and personal income tax, 1.7 percent. Lottery transfer decreased 0.5 percent.

Director of Revenue Rosemary Booth Gallogly said that year-to-date fiscal 2015 cash collections continue to show growth over the same period in fiscal 2014, but at a slower pace than last month.

“The growth in sales and use tax cash collections increased slightly over last month, a hopeful sign for the important holiday season. Growth in personal income tax cash collections slowed from October’s pace as [fiscal year] 2015 refunds and adjustments continue to exceed refunds and adjustments for [fiscal year] 2014 on a year-to-date basis,” she said in a statement.

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Comparing November 2014 with November 2013, total general revenue rose 0.4 percent to $226.2 million from $225.4 million. General revenue sources had the greatest gain at 11.6 percent, with $23.8 million in cash collections, followed by sales and use tax at a 5 percent increase, for a total of $79.2 million, while departmental receipts fell 22.4 percent to $10.3 million. Lottery transfer cash collections increased 2.1 percent to $31 million.

“November 2014 cash collections were barely ahead of November 2013 cash collections. However, much of that can be explained by the judiciary’s posting of November 2014 revenues in October 2014 and the redemption of $454,939 of historic structures tax credits that have not yet been reimbursed from the Historic Structures Tax Credit Fund. It is also important to remember that nearly $1.1 million of revenues that were classified as general revenues in November 2013 are no longer classified as general revenues,” Gallogly said.

The full report can be found HERE.

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