The Rhode Island Department of Revenue released its FY 2015 Revenue Assessment Report for January 2015 today. 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 Department of Revenue's Office of Revenue Analysis from the revenue estimates adopted at the November 2014 Revenue Estimating Conference. The methodology underlying the Office of Revenue Analysis' estimates is contained in the report.
On a fiscal year-to-date basis, the January 2015 report shows that adjusted total general revenues are ahead of expected total general revenues, based on the revenue estimates adopted at the November 2014 Revenue Estimating Conference and the Office of Revenue Analysis' corrected estimation methodology, with adjusted total general revenues $44.1 million more than expected total general revenues, a variance of 2.5 percent. The principals of the November 2014 Revenue Estimating Conference revised FY 2015 total general revenues up by $15.8 million.
For the month of January, adjusted total general revenues met expectations based on the revenue estimates adopted at the November 2014 Revenue Estimating Conference and the Office of Revenue Analysis' estimation methodology with adjusted total general revenues less than $100,000 ahead of expectations, a variance of less than 0.1 percent.