DOR: Revenue ahead of projections in March, fiscal YTD

the state Department of Revenue.
THE STATE Department of Revenue released March revenue figures Friday, showing that for the first nine months of the fiscal year, revenue totaled $2.4 billion, which is $60.8 million, or 2.6 percent, higher than expected revenue of $2.3 billion for the period. / COURTESY R.I. DEPARTMENT OF REVENUE
the state Department of Revenue. THE STATE Department of Revenue released March revenue figures Friday, showing that for the first nine months of the fiscal year, revenue totaled $2.4 billion, which is $60.8 million, or 2.6 percent, higher than expected revenue of $2.3 billion for the period. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Revenue is nearly 3 percent ahead of what was projected on a fiscal year-to-date basis through March, according to the state Department of Revenue.
The department released March revenue figures Friday, showing that for the first nine months of the fiscal year, revenue totaled $2.4 billion, which is $60.8 million, or 2.6 percent, higher than expected revenue of $2.3 billion for the period.
Among the revenue categories, personal income tax increased 2.4 percent to $818.3 million from a projected $799.1 million. Other general revenue sources increased 10.1 percent to $441.9 million from $401.2 million, and departmental receipts grew 3 percent to $134.8 million from a budgeted total of $130.9 million.
Sales and use tax declined one-tenth of a percentage point to $714.6 million from an estimated $715.7 million, while lottery transfer dropped eight-tenths of a percentage point to $245.9 million from $247.9 million.
Acting Director of Revenue David M. Sullivan described revenue through March as “strong,” and said it reflected the “highest nominal spread that the state has experienced since March of 2012, when [fiscal] 2012 year-to-date adjusted revenues through March were $62.5 million more than [fiscal] 2012 year-to-date expected revenues through March.”
Revenue exceeded expectations based on revenue estimates adopted at the November 2014 Revenue Estimating Conference. At that conference, fiscal 2015 total general revenue was revised up by $15.8 million.
For the month of March, revenue was 4 percent higher than projections at $357 million, despite several categories experiencing declines, the department said.
Personal income tax was 16.1 percent lower than what was expected at $47.7 million, and departmental receipts also were 9.4 percent lower than what was projected at $13 million. Lottery transfer declined 8.7 percent over what was expected to $28.5 million and sales and use tax dipped 2 percent to $69 million. Other general revenue sources increased 16.6 percent, however, to $198.8 million.
“When you look at the major components of adjusted total general revenues, you would get a bleak picture of revenues, however, that would be incorrect. Strong performance in most general business taxes, led by financial institutions tax revenues, and estate and transfer tax revenues more than offset weaker performance in these major components,” Sullivan said in a statement.
“The fact that both adjusted sales and use tax, and adjusted lottery transfer revenues were below expectations in March is not really surprising given that revenues received in March reflect the prior month’s shopping and gaming activity and February 2015’s weather wasn’t exactly conducive to either of these activities,” he added.

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