DOR: Revenue exceeds expectations in November

PROVIDENCE – Revenue in November exceeded the state’s expectations on a fiscal year-to-date and monthly basis, the Department of Revenue reported on Wednesday.
November’s results repeated the same patterns shown in October and September, according to the state department.
The November monthly revenue assessment report showed that adjusted total general revenue fiscal year-to-date was $1.2 billion, which was $14.6 million, or 1.2 percent, more than was expected.
Revenue estimates adopted at the November 2014 revenue estimating conference were used for comparisons. Revenue estimates were revised upward for fiscal 2015 at the conference by $15.8 million.
For the fiscal year-to-date period, personal income tax revenue increased 0.7 percent to $456.5 million, sales and use tax revenue rose 0.6 percent to $417.3 million and departmental receipts jumped 3.4 percent to $70.7 million. Lottery transfer had a slight increase – 0.1 percent – to $127.4 million.
“It is heartening to see that fiscal year-to-date revenues through November lead expectations in light of the fact that the estimate for FY 2015 total general revenues was revised upward at the November revenue estimating conference. Particularly satisfying is that personal income tax adjusted revenues lead expected personal income tax revised revenues even with the personal income tax revenue estimate being revised up by over $10 million at the November REC,” Director of Revenue Rosemary Booth Gallogly said in a statement.
“Continued traction in the outperformance of sales and use tax revenues relative to expectations is encouraging and, perhaps, is reflective of the strengthening of the state’s economic recovery,” Gallogly said.
She said fiscal 2015 adjusted revenues for departmental receipts, the lottery transfer and all other general revenues lead expectations through November, noting that each of those revenue sources were revised downward at the revenue estimating conference.
On a monthly basis, November’s total general revenue increased 0.9 percent to $228.1 million, compared with $226 million estimated. Personal income tax revenue rose 3.8 percent to $82.4 million over expected revenue, and sales and use tax rose 0.6 percent to $79.2 million for the month over expected revenue.
Departmental receipts decreased 11.2 percent, to $11.7 million over expected revenue, however.
Gallogly said the monthly results “continue to show strength in personal income tax and sales and use tax revenues.”
The entire report can be found on the department website HERE.

No posts to display