Revenue exceeds expectations in November, fiscal year to date

THE R.I. DEPARTMENT OF REVENUE said revenue exceeded expectations in November by nearly 3 percent. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE said revenue exceeded expectations in November by nearly 3 percent. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – Revenue exceeded expectations in November and the first five months of the fiscal year by 2.8 percent and 0.5 percent, respectively, the state Department of Revenue said Friday.
Expected general revenues were estimated by the DOR’s Office of Revenue Analysis at the Revenue Estimating Conference last month.
Revenue reached $243.6 million in November, led by an 11.3 percent increase in other general revenue sources to $24.2 million, as $21.7 million was expected.
In November, cigarettes tax revenue climbed 21.4 percent ahead of expectations, to $12.5 million from $10.3 million, while alcohol tax revenue dipped 12.7 percent to $1.6 million, compared with expected revenue of $1.9 million.

Fiscal year to date, revenue reached $1.3 billion, led by greater-than-expected revenue in personal income tax collections and other general revenue sources. Personal income tax collections were 1.5 percent higher than what was expected at $510.5 million, and all other general revenue sources were 1.6 percent higher than expectations at $145.7 million.

Cigarettes tax revenue through November rose $1.7 million ahead of expectations, or 2.9 percent, to $62.1 million, while alcohol tax revenue was 2.5 percent less than what was expected, at $8.3 million.

No posts to display