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Special report on FY2017 revenues now available

Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2017 Special Report on Preliminary Revenues. This report provides a detailed look at FY 2017 preliminary revenues as provided in the Controller's Preliminary General Fund Revenue Report for FY 2017 and compares these revenues to both the final enacted FY 2017 revenue estimates and the audited FY 2016 revenues as provided in the Final General Fund Revenue Report for FY 2016. Some of the detail information is derived from reports generated by the Division of Taxation and the Division of Lottery. This report should be viewed as a complement to the Controller's Preliminary General Fund Revenue Report for FY 2017.

The FY 2017 Special Report on Preliminary Revenues shows that preliminary FY 2017 total general revenues exceeded the final enacted FY 2017 revenue estimates by $8.5 million or 0.2 percent. Preliminary FY 2017 total taxes and departmental receipts revenues finished ahead of the final enacted FY 2017 total taxes and departmental receipts revenues by $7.3 million or 0.2 percent. The largest portion of this difference is attributable to total taxes which were $13.4 million, or 0.5 percent, more in preliminary FY 2017 revenues than the final enacted FY 2017 revenue estimates. Preliminary FY 2017 other general revenue sources were $1.2 million, or 0.3 percent, ahead of the final enacted FY 2017 revenue estimate of other general revenue sources.

Regarding preliminary FY 2017 revenues and final enacted FY 2017 revenue estimates, Director of Revenue Robert S. Hull made the following observations: Preliminary FY 2017 total general revenues were $8.5 million more than final enacted FY 2017 total general revenues. The outperformance in preliminary FY 2017 total general revenues was driven substantially by estate and transfer tax revenues which were $57.6 million more than the final enacted estimate. The spread between preliminary FY 2017 and final enacted FY 2017 personal income tax revenues was $(22.8 million) and includes $21.6 million more in refunds and adjustments than was estimated for the FY 2017 final enacted budget. Preliminary FY 2016 personal income tax revenues were above final enacted FY 2016 estimates for both final payments and withholding tax payments by a combined total of $4.6 million or 0.3 percent. Preliminary FY 2017 sales and use tax revenues fell short of final enacted estimates by $2.8 million, or 0.3 percent. Preliminary FY 2017 lottery transfer revenues were 0.1 percent above the final enacted estimate of lottery transfer revenues of $362.2 million. Preliminary FY 2017 insurance company gross premiums tax revenues were $12.3 million below the final enacted FY 2017 while business corporation tax and public utilities gross earnings tax revenues were a combined $11.5 in preliminary FY 2017 versus the FY 2017 final enacted revenue estimate.

The FY 2017 Special Report on Preliminary Revenues shows that preliminary FY 2017 total general revenues exceeded audited FY 2016 total general revenues by $20.8 million or 0.6 percent. Preliminary FY 2017 total taxes and departmental receipts revenues were $21.3 million or 0.6 percent more than audited FY 2016 total taxes and departmental receipts revenues. Total tax revenues were $18.8 million, or 0.6 percent, more in preliminary FY 2017 than in audited FY 2016. Preliminary FY 2017 other general revenue sources were $485,990 below audited FY 2016 other general revenue sources or 0.1 percent.

Regarding preliminary FY 2017 revenues and audited FY 2016 revenues, Director of Revenue Robert S. Hull made the following observations: Preliminary FY 2017 total general revenues were $20.8 million more than audited FY 2016 total general revenues, a slightly smaller positive difference than was recorded between preliminary FY 2016 total general revenues and audited FY 2015 total general revenues. The spread between preliminary FY 2017 and audited FY 2016 personal income tax revenues was $26.4 million a sharp reversal from the $10.2 million deficit that was realized between the preliminary FY 2016 and audited FY 2015 personal income tax revenues. All personal income tax components except refunds and adjustments for preliminary FY 2017 were above audited FY 2016 personal income tax revenues with withholding payments $48.8 million more and the net accrual $29.9 million more than in audited FY 2016. Preliminary FY 2017 personal income tax refunds and adjustments revenues were $59.7 million greater than in audited FY 2016, an increase of 22.4 percent. Preliminary FY 2017 sales and use tax revenues were $26.3 million more than in audited FY 2016 and include sales tax payments made by Amazon for the period of February 1, through June 30, 2017.. Preliminary FY 2017 lottery transfer revenues were $7.1 million below audited FY 2016 lottery transfer revenues. This decline can be attributed in part to the substitution of table games for video lottery terminals at Twin River's Lincoln location. Preliminary FY 2017 business corporation tax, public utilities gross earnings tax, insurance company gross premiums tax, and cigarettes tax revenues were $40.0 million below audited FY 2016 revenues while preliminary FY 2017 estate and transfer tax revenues were $15.4 million more than in audited FY 2016.

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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