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R.I. Department of Revenue releases July 2016 revenue assessment report

Providence, R.I. -- The Rhode Island Department of Revenue (DOR) today released its FY 2017 Revenue Assessment Report for July 2016. The Revenue Assessment Report, which is issued on a monthly basis, compares the adjusted general revenues by revenue source on a fiscal year-to-date and monthly basis to expected general revenues by revenue source. Expected general revenues are estimated by the DOR's Office of Revenue Analysis from the revenue estimates enacted in the FY 2017 budget. The methodology underlying the Office of Revenue Analysis' estimates is contained in the report.

1. July Year-To-Date Performance. On a fiscal year-to-date basis, the July 2016 report shows that adjusted total general revenues are behind expected total general revenues, based on the revenue estimates enacted in the FY 2017 budget and the Office of Revenue Analysis' estimation methodology, with adjusted total general revenues $1.4 million less than expected total general revenues, a variance of 0.6 percent.

2. July Monthly Performance. Given that July is the first month of the fiscal year, there is no difference in the assessment of revenues on a fiscal year-to-date and a monthly basis.

Regarding July year-to-date performance, Director of Revenue Robert S. Hull made the following observations: Fiscal year-to-date revenues through July are behind expectations by $1.4 million, or 0.6 percent. The spread between adjusted and expected personal income tax revenues totaled $1.5 million and includes an adjustment that reduces refunds and adjustments by $4.9 million to account for July 2016 refunds that were accrued back to FY 2016. Adjusted sales and use tax revenues through July were short of expectations by $2.7 million, or 2.9 percent. Adjusted business corporations tax revenues were slightly ahead of expectations even after adjusting revenues down by $1.5 million to account for a refund that was processed in July 2016 but not posted until August 2016. Adjusted cigarettes tax revenues are $1.5 million below expectations, a variance of 12.3 percent.

The entire report can be found on the Department of Revenue's web site, www.dor.ri.gov, under the Revenue Analysis header on the State Reports tab.

Questions or comments on the report should be directed to Paul Grimaldi, Chief of Information and Public Relations by e-mail at paul.grimaldi@revenue.ri.gov or by phone at (401) 574-8766.

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