Revenue misses expectations on both fiscal year and monthly basis in February in R.I.

THE  R.I. DEPARTMENT OF REVENUE said total general revenue missed expectations by 1.3 percent fiscal year to date through February. / COURTESY R.I. DEPARTMENT OF REVENUE
THE R.I. DEPARTMENT OF REVENUE said total general revenue missed expectations by 1.3 percent fiscal year to date through February. / COURTESY R.I. DEPARTMENT OF REVENUE

PROVIDENCE – General revenue missed state expectations by 1.3 percent in the fiscal year period ending in February and by 8.3 percent when looking at the month of February alone, the R.I. Department of Revenue said Friday.

Total general revenue in the fiscal period through February totaled $2.043 billion compared with $2.071 billion expected during the same period, a difference of more than $27 million, the DOR said.

Among the five major general revenue sources categories, all other general revenue fell 4.2 percent over what was expected, to $223.1 million, while personal income tax decreased 1.3 percent over what was expected, to $814.1 million, and sales and use tax declined 1.4 percent, to $677.4 million. Lottery transfer dropped 0.6 percent over expectations, to $205.7 million. The only revenue category that had an increase was departmental receipts at 3.3 percent, to $123.5 million.

Total general revenue totaled $166.1 million in February, compared with expected revenue of $181.7 million. All other general revenue plunged 21.9 percent, to $23.1 million, while personal income tax fell 13.1 percent, to $32.1 million, and departmental receipts decreased 8 percent, to $13.3 million. Lottery transfer fell 1.4 percent, to $28.5 million, and sales and use tax dipped nearly 4 percent, to $69.1 million.

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