The Rhode Island Department of Revenue today (DOR) released its FY 2018 Revenue Assessment Report for July 2017. 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 2018 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 2017 report shows that adjusted total general revenues are behind expected total general revenues, based on the revenue estimates enacted in the FY 2018 budget and the Office of Revenue Analysis' estimation methodology, with adjusted total general revenues $11.4 million less than expected total general revenues, a variance of 5.1 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 $11.4 million, or 5.1 percent. • Adjusted personal income tax revenues were $990,653 below expectations, a variance of 1.2 percent. • Adjusted sales and use tax revenues through July were short of expectations by $4.5 million, or 4.7 percent. • Adjusted estate and transfer tax revenues were $1.0 million below the estimate after accounting for the accrual to FY 2017 of $58.0 million of payments received in July. • Adjusted cigarettes tax revenues are $1.3 million below expectations, a variance of 10.4 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.