DOR: Revenue rose in January

CASH COLLECTIONS rose 4.1 percent to $1.9 billion during the first seven months of the fiscal year, according to the state Department of Revenue's monthly cash collections report. / COURTESY R.I. DEPARTMENT OF REVENUE
CASH COLLECTIONS rose 4.1 percent to $1.9 billion during the first seven months of the fiscal year, according to the state Department of Revenue's monthly cash collections report. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections rose 4.1 percent during the first seven months of the fiscal year, and also increased 0.4 percent in January compared with the same period a year ago, according to the R.I. Department of Revenue.
The state department, in its monthly cash collections report, said $1.9 billion was collected fiscal year to date, an increase of $78 million, or 4.1 percent, from the prior year period.
Of that number, personal income tax had the largest increase at 6 percent to $734.7 million, followed by sales and use tax at 5.2 percent, to $578 million; other general revenue sources at 2 percent, to $206.9 million; and departmental receipts at 1.3 percent, to $253.2 million. Lottery transfer had the smallest increase at 0.3 percent, to $188.3 million.
“Year-to-date [fiscal year] 2015 cash collections continue to show solid growth over cash collections through January in [fiscal year] 2014, with all the major components of total general revenues exhibiting positive growth on fiscal year to date over fiscal year to date basis,” state Director of Revenue Rosemary Booth Gallogly said in a statement. “Also, the lottery transfer to the general fund shows positive growth on a fiscal year to date basis for the first time in [fiscal year] 2015, a welcome result.”
On a monthly basis, cash collections increased 0.4 percent in January to $295.7 million compared with January 2014’s $294.4 million.
Departmental receipts had the largest drop in January at 22.7 percent, to $24.4 million from $31.6 million a year earlier. The sales and use tax category had the largest increase at 5 percent, to $84.3 million in January, followed by lottery transfer at 4.2 percent, to $30.3 million.
Gallogly blamed the large decline in departmental receipts cash collections in January 2015 on the receipt of $5.6 million in a delinquent hospital licensing fee payment in January 2014.
January 2014 also had nearly $1 million more of revenue classified as general revenue compared with January 2015, she said.

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