DOR: Revenue exceeds expectations in September, fiscal YTD

REVENUE EXCEEDED expectations in September and fiscal year to date, according to the state Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE
REVENUE EXCEEDED expectations in September and fiscal year to date, according to the state Department of Revenue. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Revenue exceeded expectations in September and through the first three months of the fiscal year by 3.8 percent and 2.9 percent, respectively, according to the state Department of Revenue.
In September, revenue increased $11.2 million to $308,739,774, with lottery transfer increasing 6.5 percent to $30.2 million; departmental receipts climbing 3.3 percent to $13.1 million; sales and use tax increasing 1.8 percent to $87.2 million; and personal income tax increasing 0.4 percent to $132.4 million.
September monthly results were “very strong, especially in business corporation tax revenues and cigarette tax revenue,” said Acting Director of Revenue David M. Sullivan.
As for fiscal 2016 year-to-date total general revenue, Sullivan said it outpaced expectations, and is “now verging on a legitimate upward trend.”
Year-to-date revenue reached $776,204,762, an increase of 2.9 percent over expected revenue of $754,373,908. Lottery transfer climbed 7.6 percent over what was expected to $60.9 million; departmental receipts grew 4.9 percent to $36.9 million; and sales and use tax increased 1.3 percent to $267.8 million.
Regarding the lottery transfer increase, Sullivan said “it appears we may have been too pessimistic about the impact that the opening of the racino in Plainville, Mass., would have on the Twin River Casino in nearby Lincoln, but I would caution that it is still early in the fiscal year to know for sure.”

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