State revenue collections better than expected

PROVIDENCE – State revenue collections have “outperformed expectations on a fiscal year-to-date basis since September and have showed renewed strength … with the inclusion of February revenue,” state Director of Revenue Rosemary Booth Gallogly said last week. More

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State revenue collections better than expected

Posted 3/24/14

PROVIDENCE – State revenue collections have “outperformed expectations on a fiscal year-to-date basis since September and have showed renewed strength … with the inclusion of February revenue,” state Director of Revenue Rosemary Booth Gallogly said last week.

Total general revenue for the fiscal year through February was $1.915 billion, a $25.7 million, or 1.4 percent, increase from the projected $1.889 billion. Personal income tax accounted for $16.9 million of the difference, coming in at $720 million, a 2.4 percent increase from the expected $703 million.

Monthly figures for February show general revenue of $171.7 million, a $10.4 million, or 6.5 percent, increase from the expected $161.3 million.

The February monthly results are a “significant improvement” from the December and January monthly figures, which were 2.6 percent below and 0.3 percent above expected revenue respectively.

Lottery transfer revenue was among the biggest decliners, both in February and fiscal year to date, at (-$1.97 million) and (-$6.8 million) respectively. •

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