PROVIDENCE – Revenue collection for July fell $11.4 million below estimates, according to the R.I. Department of Revenue on Thursday, starting the fiscal 2018 year behind projected collection.
Collections for July totaled $211.1 million, 5.1 percent less than expected.
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Collection breakdown:
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- The largest shortfall from the expected revenue for the month was from Sales and Use Tax, which was $4.5 million less than expected, a 4.7 percent variance at a collection of $91 million.
- Personal Income Tax collection was $1 million less than projections, a 1.2 percent variance for the month at $82.9 million. The DOR breakdown of PIT showed that $4.5 million the DOR expected to be withheld in the month, was not. However, refunds and adjustments far exceeded estimates, totaling $11.3 million, an 88.4 percent variance from an expected $6 million in refunds and adjustments for July.
- Business corporation tax collection also missed estimates at a negative 11.8 percent variance, $976,689 behind estimates at $7.3 million.
- The cigarette tax also fell short of estimates at $10.8 million, 10.4 percent less than expected for the month of July.
- The DOR report also showed that departmental receipts, at $9.8 million, were $2.5 million below estimates, a 20 percent shortfall.
- No specific revenue source exceeded projections by more than $1 million. Health care provider assessment was the largest positive variance for the month of July collections, outperforming expectations by $283,238 at $4 million.
Chris Bergenheim is the PBN web editor.
