DOR: Revenue exceeds expectations fiscal YTD, and in August

THE R.I. DEPARTMENT OF REVENUE said revenue exceeded expectations fiscal year to date and in August, by 2.3 percent and 0.7 percent, respectively. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE said revenue exceeded expectations fiscal year to date and in August, by 2.3 percent and 0.7 percent, respectively. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Total general revenue has increased 2.3 percent so far in fiscal 2016 to $467.5 million compared with expected revenue of $456.8 million, the state Department of Revenue said Friday.

“The initial momentum established in July continued in August, particularly as a result of a strong performance in the lottery transfer in August,” Acting Director of Revenue David M. Sullivan said in a statement.

Among the revenue categories, lottery transfer grew 8.7 percent during the first two months of the fiscal year to $30.7 million compared with $28.2 million expected, the DOR said. Sales and use tax also increased 1.1 percent to $180.6 million compared with $178.6 million expected.

“It is good to see sales and use tax revenues nearly $2 million more than expected [fiscal] 2016 enacted sales and use tax revenues [projections] through August, as this generally bodes well for consumer confidence in the state,” Sullivan said.

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Departmental receipts increased 5.9 percent over what was expected to $23.8 million, and other general revenue sources grew climbed 8.5 percent to $61 million, the agency said.

For the month of August, adjusted fiscal 2016 total general revenue exceeded expected fiscal 2016 total general revenue by 0.7 percent, to $249.3 million from $247.5 million.
Sullivan said August’s monthly results “slowed considerably from July’s gain of $9 million and nearly all of the August gain was due to the monthly lottery transfer beating expectations.”
“It is important to realize that, at least initially, the impact of the opening of the Plainridge Park slots parlor in Plainfield [Mass.] has not had the expected impact on Rhode Island gaming revenues. This bears close watching as the fiscal year progresses,” he said.
In August, the lottery transfer increased 8.7 percent, to $30.7 million compared with $28.2 million in expected revenue.

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