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R.I. Department of Revenue releases August 2017 cash collections report

Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2018 Cash Collections Report for August 2017. The Cash Collections Report, which is issued on a monthly basis, compares current fiscal year cash collections by revenue item on a fiscal year-to-date and monthly basis to prior fiscal year cash collections by revenue item. The cash collections report makes no adjustments for the timeliness of the receipt of revenues and provides readers with insight into the state's cash flow over the course of the fiscal year.

Rhode Island Department of Revenue Acting Director Marilyn S. McConaghy noted: "FY 2018 total general revenue cash collections through August are up 6.2 percent, or $40.3 million more than was received last fiscal year through August of 2016. Much of this increase can be attributed to the receipt of nearly $59.0 million in estate and transfer tax cash collections in July 2017. The growth rate for FY 2018 through August is slightly more than the 5.4 percent growth rate recorded in the FY 2017 through August period last year. FY 2018 personal income tax cash collections through August were $9.7 million more than in FY 2017 through August while FY 2018 through August insurance company gross premiums tax cash collections were $15.4 million below the same period last fiscal year."

Notable cash collections items on an August fiscal year-to-date basis included: Total personal income tax cash collections of approximately $186.3 million, up $9.7 million or 5.5 percent year-to-date. o Personal income tax withholding payments up $6.8 million or 3.7 percent year-to-date, in spite of the fact that FY 2017 year-to-date through August personal income tax withholding payments included the receipt of a single large deposit of $3.3 million. o Personal income tax refunds and adjustments were down $2.9 million or 14.3 percent year-to-date reflective of the fact that the Division of Taxation has caught up on the processing of current and prior tax year refunds owed. Year-to-date August 2017 sales and use tax cash collections are down less than $1.0 million in comparison to FY 2017 through August with Net Taxation receipts $1.5 million more and Registry Receipts $1.9 million less than the prior year. FY 2018 all other general revenue sources cash collections through August are up $35.3 million relative to last fiscal year at this time. This increase reflects higher estate and transfer tax cash collections of $53.2 million offset by lower insurance company gross premiums tax cash collections of $15.4 million and lower business corporation tax cash collections of $3.2 million. Fiscal year-to-date through August 2017 departmental receipts cash collections are $2.5 million, or 1.4 percent, less than in FY 2017 through August primarily due to decreased FY 2017 hospital licensing fee payments received of $2.3 million. The lottery transfer in FY 2018 year-to-date is $1.4 million less than in FY 2017 through August, a variance of 4.2 percent. This decline is attributable to a decrease of $1.1 million in traditional lottery games (i.e., scratch tickets, Powerball, etc.) and a decrease of $537,044 from Twin River's video lottery terminals.

Notable month of August cash collections items included: Increased August 2017 personal income tax cash collections of $4.3 million, 4.3 percent above August 2016. o The increase in August 2017 personal income tax cash collections was driven in large part by a decrease in refunds and adjustments of $3.1 million from the amount processed in August 2016 and an 18.4 percent increase in estimated payments received, a variance of $749,383. Increased August 2017 departmental receipts of $2.3 million or 18.4 percent from August 2016 departmental receipts with all four subcomponents posting year-over-year increases and licenses and fees and miscellaneous a combined $2.1 million more than in August 2016. These increases were offset by lower sales and use tax, all other revenues, and lottery transfer cash collections in August 2017 versus August 2016 with estate and transfer tax cash collections $2.4 million less than in August 2016 and business corporation tax cash collections $1.9 million less.

The full cash collections report can be found on the Department of Revenue's web site, www.dor.ri,gov, under the Revenue Analysis directory or at this link: http://www.dor.ri.gov/revenue-analysis/2018.php under 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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