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

Providence, R.I. --The Rhode Island Department of Revenue (DOR) today released its FY 2017 Revenue Assessment Report for August 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. August Year-To-Date Performance. On a fiscal year-to-date basis, the August 2016 report shows that adjusted total general revenues are ahead of 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 $21.2 million more than expected total general revenues, a variance of 4.5 percent.

2. August Monthly Performance. Adjusted FY 2017 August total general revenues exceeded expected FY 2017 monthly total general revenues based on the revenue estimates enacted in the FY 2017 budget and the Office of Revenue Analysis' estimation methodology, by $23.4 million or 9.3 percent.

Regarding August year-to-date performance, Director of Revenue Robert S. Hull made the following observations: Fiscal year-to-date revenues through August are well ahead of expectations at $21.2 million, or 4.5 percent. The spread between adjusted and expected personal income tax revenues totaled $11.2 million and includes an adjustment that reduces refunds and adjustments by $9.3 million to account for July and August 2016 refunds that were accrued back to FY 2016. o Adjusted FY 2017 through August personal income tax withholding payments lead expectations by $10.4 million, or 6.1 percent. Adjusted sales and use tax revenues through August lead expectations by $3.1 million, or 1.7 percent. Adjusted business corporations tax revenues are 19.9 percent more than expected FY 2017 through August business corporations tax revenues, a difference of $1.8 million. Adjusted estate and transfer tax revenues through August are $3.1 million ahead of expectations, a variance of 83.5 percent. FY 2017 year-to-date adjusted lottery transfer revenues are $1.9 million more than expected lottery transfer revenues through August due primarily to revenues generated from traditional lottery products and monitor games such as Keno outperforming by $1.3 million.

Regarding August monthly performance, Director Hull made the following observations: August adjusted monthly revenues are $23.4 million, or 9.3 percent, more than expected monthly revenues. Monthly adjusted personal income tax revenues exceed expected August personal income tax revenues by $9.6 million and include an adjustment that reduces refunds and adjustments by $4.3 million to account for refunds that were processed in August 2016 and accrued back to FY 2016. o August personal income tax withholding payments were 10.1 percent more than expected, a difference of $9.2 million. Adjusted sales and use tax revenues for August lead expectations by $5.9 million, or 6.5 percent and include $2.3 million in an audit recovery of prior year sales and use tax revenues owed. Adjusted estate and transfer tax revenues for August are $1.7 million more than expected monthly revenues, a variance of 88.2 percent. FY 2017 August adjusted lottery transfer revenues are $1.9 million more than expected monthly lottery transfer revenues due primarily to revenues generated from traditional lottery products and monitor games such as Keno outperforming by $1.3 million. August adjusted business corporations tax revenues are $1.6 million more than monthly expected revenues, a variance of 62.5 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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