DOR: Revenue misses expectations fiscal YTD and in January

THE R.I. DEPARTMENT OF REVENUE said revenue collections missed expectations in the fiscal year period through January by 0.7 percent, falling to $1.88 billion. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE said revenue collections missed expectations in the fiscal year period through January by 0.7 percent, falling to $1.88 billion. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Revenue collections missed expectations for the fiscal year and in January, the state Department of Revenue said Wednesday.

Revenue reached $1.88 billion in the first seven months of the fiscal year, compared with an expected $1.89 billion, a decline of 0.7 percent. The greatest difference was in all other general revenue sources, which was 1.6 percent less than expected at $200.3 million.

Departmental receipts were nearly 5 percent greater than what was expected at $110.2 million, while lottery transfer missed expectations by 1 percent, falling to $177.2 million. Personal income tax declined 0.8 percent from what was expected to nearly $782 million, and sales and use tax fell 1.1 percent from what was expected to $608.3 million.

January revenue fell 0.5 percent to $312.5 million, compared with expected revenue of $314.1 million. Higher than anticipated growth in departmental receipts – 23 percent to $29.1 million – could not offset declines in personal income tax (-2.5 percent, to $143.4 million), sales and use tax (-1.7 percent, to $91.3 million), lottery transfer (-2.2 percent, to $28.5 million) and all other general revenue sources (-5.2 percent, to $20.2 million).

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