PROVIDENCE – Cash collections in fiscal year 2019 totaled $4 billion, a 5.4% increase year over year from $3.8 billion in fiscal 2018, the R.I. Department of Revenue said in a report Thursday.
The collections were boosted, in part, by a higher lottery transfer as the Tiverton Casino Hotel generated $27.3 million more in video lottery terminal receipts for the state between September and June than Newport Grand did for the same period a year earlier, the Department of Revenue said.
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The entire lottery transfer for fiscal 2019 was $393.8 million, up from $368.4 million a year earlier, an increase of 6.9%.
Departmental receipts were responsible for the largest increase in fiscal 2019, rising 8.4% year over year to $417.3 million from $384.9 million. Revenue officials attributed the higher collections to fiscal year 2018 hospital licensing fees totaling $12.8 million that were received in July 2018. Also, the collection of securities registration fees and insurance claims adjuster license fees grew by $12.3 million combined because of fee hikes.
Sales and use tax collections increased 6.8% year over year to $1.12 billion from $1.05 billion in fiscal 2018. The collection of personal income tax for fiscal 2019 totaled $1.38 billion, up 3.6% over the $1.33 billion brought in a year earlier.
The state collected $685.4 million in all other revenue for fiscal 2019, an increase of 4.2% from fiscal 2018. The Department of Revenue cited sharply higher tax collections on business corporation and public utilities gross earnings, insurance company gross premiums and bank deposits due to the change in the estimated payment schedule for business taxes.
Meanwhile, June cash collections in Rhode Island totaled $428.9 million, a 5.8% decline year over year from $455.1 million. Collections for the month were dampened by a 21.7% drop in the lottery transfer, from $50.8 million in June 2018 to $39.8 million in June 2019, and a 24.1% drop in the collection of all other revenue year over year, from $147.5 million to $112 million. Revenue officials attributed the decline primarily to an $11.5 million drop in motor vehicle license and registration fee collections, an 11.4 million decline in miscellaneous revenues cash collections and a $10.4 million decrease in financial institution tax collections.
At the same time, personal income tax collections in June increased $12.7 million, or 10.4%, year over year to $135.8 million from $123.1 million. Also, the sales and use taxes brought in $101.7 million in June, up 7.2% from $95 million in June 2018.
Also, departmental receipts in June increased 2% year over year to $39.5 million from $38.8 million.
