DOR: Revenue exceeds expectations fiscal YTD by 1.1%

THE R.I. DEPARTMENT OF REVENUE said revenue exceeded expectations by 1.1 percent fiscal year-to-date through March, totaling $2.4 billion instead of the $2.3 billion expected. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE said revenue exceeded expectations by 1.1 percent fiscal year-to-date through March, totaling $2.4 billion instead of the $2.3 billion expected. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Revenue was $25.3 million more, or 1.1 percent higher, than what was expected through the first nine months of the fiscal year, the state Department of Revenue said Friday.
Total general revenue was $2.4 billion, compared with expected revenue of $2.3 billion. Lottery transfer helped fuel the gain, as that category grew 5.4 percent over what was anticipated, to $242.8 million.
Director of Revenue Robert S. Hull said fiscal year-to-date revenue modestly exceeded expectations.
Revenue also exceeded expectations for the month of March by $8.6 million, or 2.5 percent. Revenue totaled $357.6 million, with personal income leading expectations for the month, the state agency said.
Personal income tax exceeded expectations by 23.1 percent, for a total of $69.3 million in March over the anticipated $56.3 million. Hull said that the primary driver of the surplus in personal income tax revenues for March was refunds and adjustments, which were less than expected.

March lottery transfer revenue also rose 4.3 percent, or $1.2 million, marking the seventh consecutive month that lottery transfer revenue has been ahead of expected lottery transfer revenue, the DOR said. Lottery transfer totaled $29.8 million in March, compared with $28.5 million expected.

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