DOR: R.I. sees 6.5% gain in cash collections for fiscal 2015

FISCAL 2015 CASH COLLECTIONS came in 6.5 percent ahead of fiscal 2014 collections at $3.6 billion, according to the latest R.I. Department of Revenue figures. / COURTESY R.I. DEPARTMENT OF REVENUE
FISCAL 2015 CASH COLLECTIONS came in 6.5 percent ahead of fiscal 2014 collections at $3.6 billion, according to the latest R.I. Department of Revenue figures. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Cash collections grew 6.5 percent for fiscal 2015 to $3.6 billion and 6.6 percent in June alone to $536.8 million, according to a report from the state Department of Revenue.
On a fiscal year-to-date basis, total general revenue totaled $3.6 billion, $220 million more than the previous fiscal period, the state agency said.
Among five revenue categories, personal income tax collections contributed most to the growth, with a 9.5 percent increase, boosting revenue to $1.2 billion, the first time income tax revenue has passed $1.2 billion. “All other general revenue sources” increased 9.2 percent to $726.4 million, and sales and use tax grew 5.9 percent to $959.8 million. Lottery transfer revenue rose 1.1 percent to $381.1 million.
Departmental receipts – the only revenue source to experience a decline – dropped seven-tenths of a percent to $350.5 million.
Acting Director of Revenue David M. Sullivan called the total year-over-year improvement “robust.” He said departmental receipts declined because $14.5 million in emissions and motor vehicle title fees have been reclassified from general revenue last year to the highway maintenance account this year.
In June alone, total general revenue was $536.8 million, $33 million more than in June 2014. Among the revenue categories, sales and use tax rose 10.4 percent to $88 million, other general revenue sources grew 9.3 percent to $218.9 million, and lottery transfer income increased 4.7 percent to $66 million. Personal income tax grew 3.2 percent to $125.1 million. Departmental receipts declined 1.7 percent to just under $38.7 million.
Department of Revenue cash collection reports are available HERE.

No posts to display