The Office of Revenue Analysis released the FY 2015 Monthly and YTD Cash Collections Report for April 2015. This report compares cash collections on a monthly and fiscal year-to-date basis in FY 2015 to cash collections on the same bases in FY 2014. This report is a complement to the monthly Revenue Assessment Report.
Fiscal year-to-date through April 2015 total general revenue cash collections were up $172.5 million or 6.4% for the same fiscal year-to-date period in 2014.
Through April, FY 2015 personal income tax cash collections are 11.1 percent above FY 2014 levels and FY 2015 sales and use tax cash collections through April are 5.0 percent ahead of FY 2014 sales and use tax cash collections through April. Departmental receipts cash collections are 0.1 percent behind of FY 2014 levels due primarily to the collection of $5.5 million of delinquent FY 2013 hospital licensing fees and the receipt of all of the FY 2014 hospital licensing fee in July. This growth rate is in spite of the fact that $13.6 million of rental vehicle surcharges, emission control inspection sticker fees and motor vehicle title fees are in the FY 2014 numbers but not in the FY 2015 cash collections due to the change in law that transferred these fees to the Rhode Island Highway Maintenance Account effective July 1, 2014. The FY 2015 lottery transfer to the general fund through April is 0.2 percent less than the FY 2014 lottery transfer through April.
For the month of April 2015, total general revenue cash collections were up $38.7 million or 11.8% from April 2014. The breakdown by major revenue components is shown on the summary page of the report along with a detailed analysis.
Questions or comments on the report should be directed to Paul Dion, chief of the division, by using the contact link shown below.