DOR: Revenue beat expectations in December

DECEMBER'S TOTAL general revenue beat state expectations on both a fiscal year-to-date and monthly basis, 3 percent and 10.8 percent, respectively, according to the state Department of Revenue. / COURTESY DEPARTMENT OF REVENUE
DECEMBER'S TOTAL general revenue beat state expectations on both a fiscal year-to-date and monthly basis, 3 percent and 10.8 percent, respectively, according to the state Department of Revenue. / COURTESY DEPARTMENT OF REVENUE

PROVIDENCE – December’s total general revenue beat expectations on both a fiscal year-to-date and monthly basis, 3 percent and 10.8 percent, respectively, according to the state Department of Revenue.
General revenue was $1.52 billion for the first six months of the fiscal year, a 3 percent increase compared with the $1.48 billion expected for that time period.
Revenue estimates were adopted at the November 2014 revenue estimating conference, at which time, fiscal 2015 general revenue expectations were increased by $15.8 million.
Director of Revenue Rosemary Booth Gallogly said that 2015 fiscal year-to-date revenue through December has “really accelerated ahead of expected revenues for the same period.”
“In particular, both personal income tax adjusted revenues, and sales and use tax adjusted revenues are up sharply over expected revenues,” she said in a statement.
Personal income tax revenue rose 4.8 percent over expectations revenue to $604.44 million, while sales and use tax revenue increased 1 percent to $493.65 million.
Gallogly said that fiscal year-to-date sales and use tax adjusted revenue is nearly $5 million ahead of expected revenue and “we don’t think the full benefit of the fall in gas prices has been realized yet in our sales and use tax revenues.”
For the month of December, total general revenue was $302.73 million, compared with a budget of $273.09 million, a 10.8 percent increase.
Personal income tax again led revenue sources in growth, with a 19.8 percent increase over expected revenue to $147.97 million. Departmental receipts fell 10.1 percent, however, from budgeted revenue to $12.26 million.
On both a fiscal year and monthly basis, personal income tax adjusted revenue was bolstered by receipt of an infrequently occurring estimated tax payment of $10 million, Gallogly said.
Sales and use tax adjusted revenue exceeded expected revenue for December by 3.4 percent. Gallogly said that this increase “does not reflect the full impact of the holiday season, as December revenues are for November sales activity.”
“I am hopeful that this outperformance will continue in January when revenues from December sales activity are reported,” she continued.
The full report can be found at HERE.

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