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

2017 Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2018 Cash Collections Report for September 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 September are up 5.8 percent, or $55.7 million more than was received last fiscal year through September 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 September is well above the 2.6 percent growth rate recorded in the FY 2017 through September period last year. FY 2018 personal income tax cash collections through September were $10.7 million more than in FY 2017 through September while FY 2018 through September insurance company gross premiums tax cash collections were $15.6 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 $323.1 million, up $10.7 million or 3.4 percent year-to-date. o Personal income tax withholding payments up $11.2 million or 4.2 percent year-to-date, in spite of the fact that FY 2017 year-to-date through September personal income tax withholding payments included the receipt of large deposit(s) of $3.3 million. o Personal income tax refunds and adjustments were down $2.4 million or 9.3 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. o Personal income tax estimated and final payments were down $2.9 million through September of FY 2018 or 4.3 percent combined. This shortfall results even though large estimated payment(s) of $2.5 million were received in September 2017. Year-to-date September 2017 sales and use tax cash collections are up $6.6 million in comparison to FY 2017 through September with Net Taxation receipts $7.2 million more and Registry Receipts less than $0.5 million below the prior year. FY 2018 all other general revenue sources cash collections through September are up $38.8 million relative to last fiscal year at this time. This increase reflects higher estate and transfer tax cash collections of $53.1 million and higher cigarettes tax cash collections of $1.1 million offset by lower insurance company gross premiums tax cash collections of $15.6 million. Fiscal year-to-date through September 2017 departmental receipts cash collections were $1.5 million, or 0.8 percent, less than in FY 2017 through September 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 $1.0 million more than in FY 2017 through September, a variance of 1.7 percent. This increase is attributable in large part to an increase of $1.0 million in traditional lottery games (i.e., scratch tickets, Powerball, etc.).

Notable month of September cash collections items included: Increased September 2017 personal income tax cash collections of $1.0 million, 0.7 percent above September 2016. o The increase in September 2017 personal income tax cash collections was driven in large part by an increase in withholding payments of $4.4 million from the amount received in September 2016 and a combined decrease in estimated and final payments of $2.9 million, a variance of 5.6 percent. Increased September 2017 sales and use tax cash collections of $7.4 million or 8.5 percent from September 2016 with Net Taxation cash collections $5.7 million more and Registry Receipts $1.4 million more than September 2016. Higher business corporation tax cash collections in September 2017 of $2.9 million, a 24.9 percent increase and increased September 2017 cigarettes cash collections of $1.8 million, or 13.9 percent. The lottery transfer for September 2017 was $2.4 million more than in September 2016, a variance of 8.2 percent.

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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