Report: R.I. revenue $22M above budget in July

PROVIDENCE – The state is starting out the fiscal year with a bang, bringing in $22 million more in revenue than expected in July, according to a report by the R.I. Department of Revenue.

The fiscal year 2022 Revenue Assessment Report published on Sept. 8 evaluates income on a monthly and year-to-date basis, comparing actual revenue to what was estimated in the fiscal 22 budget.

As of July 30, the state’s fiscal year adjusted revenue was up $22.1 million, or 8.4%, over prior estimates. The report named excise taxes, including sales and use tax, as the strongest driver for the better-than-expected performance, up $16.2 million, or 12.3%, over expectations.

Business corporation tax revenues were $10.9 million, or 205.5%, higher than expected. Tax revenue from cigarette and other tobacco sales exceeded expectations by $1.2 million, or 84%.

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Taxes on personal income were $1.1 million below expectations and revenue from departmental receipts was $2.3 million less than anticipated.

Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.

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