Following estimating conference, DOR finds 0% variance in cash collections and estimates for May

PROVIDENCE – The R.I. Department of Revenue reported that following its May 2018 Revenue Estimating Conference, the department found a 0 percent variance in general revenue cash collections year to date through May, with a total of $3.1 billion.

The year-to-date collections were $935,410 more than the conference estimated.

In April, the year-to-date estimates had been 2.3 percent higher than previous estimates.

For the month of May, the DOR found a 0.5 percent variance from the estimated $260.5 million in collections, $1.2 million more than anticipated.

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The major contributor to the surplus was insurance company gross premiums tax revenue at $4.7 million more than expected for the month, for a total collection of $6 million. This increase was largely offset by a $1.4 million decline in business corporation collections from an estimated $2.7 million to $1.4 million.

More details on May cash collections may be found here.