PROVIDENCE – Rhode Island took in more revenue than budgeted in November, the second month in a row that the state’s tax and other revenue sources exceeded the expected amount. Total general revenue for the Ocean State came to $259.2 million, a 4.9 percent gain on the $247.2 million that was budgeted, according to the R.I. Department of Revenue report issued Friday.
Fiscal 2018 year to date through November, the state 0.6 percent ahead of budget, with general revenue collected totaling $1.32 billion, ahead of the fiscal 2017 total through five months of $1.31 billion.
For November, personal income tax revenue was $98.2 million, 7 percent ahead of expectations. Also showing year-over-year gains were: excise taxes (including sales and use, cigarette and alcohol taxes among others), which exceeded budget by 3.2 percent to $103.7 million; departmental receipts, which improved on budget by 13.8 percent to $13.5 million; and other taxes (including estate and transfer, and realty transfer taxes, among others), which beat expectations by 84.1 percent to $8.3 million.
Landing short of budget were: other general revenue sources (including lottery transfer, among others), which fell short of expectations by 1.6 percent, for a total of $30.3 million; and general business taxes (including business corporation and health care provider assessment, among others), which fell short 32.5 percent to $5.3 million.
Year to date the revenue categories that showed improvement on the budget were: excise taxes, 0.5 percent ahead, with a total of $534.6 million; personal income tax, 0.2 percent ahead, $515 million; other general revenue (including lottery transfer payments), 1.2 percent ahead, $123.7 million; departmental receipts, 2.1 percent ahead, $70.7 million; and other taxes, 33.4 percent above budget at $29.3 million. Only general business taxes fell short of budget, by 11.2 percent, with a total of $49.7 million taken in by the state.
