State revenue ahead of budget through first 7 months of FY2015

PROVIDENCE – Total general revenue for Rhode Island through the first seven months of fiscal 2015 was $1.82 billion, a 2.5 percent increase on the budgeted amount, according to the state’s monthly revenue assessment report for January.
More than half of the $44.1 million increase on the expected revenue came from a 3.8 percent gain on personal income tax collections, a total of $27.1 million. Departmental receipts saw a 3.4 percent increase that resulted in $3.5 million more in state coffers. All other general revenue sources experienced the largest growth, 5.3 percent, giving the category $10.6 million more than budgeted.
Lottery transfer saw a 0.6 percent increase for the period, generating $1.1 million more for the state, while sales and use taxes grew 0.3 percent, creating an increase in $1.7 million.
Revenue estimates for fiscal 2015 were adopted at the November 2014 Revenue Estimating Conference.
January’s performance was less robust, as total general revenue showed an increase of $90,949 on the budget, bringing in a total of $295.8 million.
If departmental receipts and other general revenue sources had not performed so well in January, last month’s performance would have been “considerably worse,” according to Rosemary Booth Gallogly, director of revenue for the R.I. Department of Revenue.
Gallogly also mentioned that the adjusted sales and use tax revenues being below expectations for Jan. may indicate that “perhaps the earlier start to the traditional holiday shopping season and the volume of online holiday shopping were more than enough to offset any benefit we expected from lower gas prices.”
The full DOR report can be found HERE.

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