The Rhode Island Department of Revenue, Office of Revenue Analysis released its FY 2015 Revenue Assessment Report for April 2015 today. This report compares on a fiscal year-to-date and monthly basis adjusted revenues to expected revenues, where expected revenues are estimated by the Office of Revenue Analysis from the revenue estimates adopted at the November 2014 Revenue Estimating Conference. The information contained in this report was available to the principals of the May 2015 Revenue Estimating Conference prior to the adoption of revised revenue estimates on May 8, 2015.
The April 2015 report finds that through April of the fiscal year, adjusted FY 2015 total general revenues lead expected FY 2015 revised total general revenues by $90.4 million, or 3.4 percent. It should be noted that the FY 2015 revenue estimates were revised upward by $15.8 million at the November 2014 Revenue Estimating Conference. The information contained in this report was available to the principals of the May 2015 Revenue Estimating Conference when they revised FY 2015 total general revenues up by $106.8 million.
For the month of April, adjusted FY 2015 total general revenues were ahead of expected FY 2015 revised total general revenues for April by $29.6 million or 8.8 percent. The personal income tax outperformed expected revenues for the month of April by $28.4 million or 17.1 percent.
The sales and use tax underperformed expectations for April with adjusted sales and use tax revenues trailing expected sales and use tax revenues for April by $1.5 million or -.2 percent. Adjusted monthly lottery transfer revenues for April were $3.1 million less than expected monthly revised lottery transfer revenues for April, a variance of -1.1 percent.
The full report is available by using the link below. Questions or comments may be directed to Paul Dion, chief of the division, by using the contact link.