DOR: Revenue exceeds expectations in August, fiscal YTD

REVENUE collections exceeded expectations in August by 9.3 percent, or $23.4 million, totaling $275.1 million, the R.I. Department of Revenue said Friday. / COURTESY R.I. DEPARTMENT OF REVENUE
REVENUE collections exceeded expectations in August by 9.3 percent, or $23.4 million, totaling $275.1 million, the R.I. Department of Revenue said Friday. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Revenue collections in August for the state hit $275.1 million, exceeding expectations by 9.3 percent, the R.I. Department of Revenue said Friday.
The DOR had expected revenue of $251.7 million in August.
Revenue collections also exceeded expectations during the first two months of the fiscal year, increasing 4.5 percent to $488.2 million. A total of $466.9 million in revenue was expected for July and August.
Lottery transfer revenue rose 6.2 percent, or $1.9 million more than what was expected, to $32.8 million fiscal year-to-date through August. The DOR said this is due primarily to revenue “generated from traditional lottery products and monitor games such as Keno outperforming by $1.3 million.”
Expected general revenue is estimated by the DOR’s Office of Revenue Analysis from the revenue estimates enacted in the fiscal 2017 budget.

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