Office of Revenue Analysis Released its State of Rhode Island Revenue Assessment Report. The monthly revenue assessment report compares adjusted revenues to the Office of Revenue Analysis' estimate of revenues based on the current fiscal year's enacted revenue estimates.
The purpose of the Revenue Assessment Report is to give readers a sense of how the state's general revenues compare to those that might be expected if the official revenue estimate was being met in a predictable way.
Caution should be exercised when interpreting this report as actual revenues may vary significantly from historical patterns. Additionally, it is important for the reader to understand that enacted and adopted revenue estimates are made on an accrual basis, not a cash basis.
Revenue accruals are not determined until at least one month after the fiscal year end in June. Even if the assessment of actual fiscal year-to-date revenues trail the fiscal year-to-date revenue estimates, it is possible for the fiscal year-end accrual to make up any shortfall.