Providence, R.I. -- The Rhode Island Department of Revenue released its FY 2016 Cash Collections Report for May 2016 today. 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 Director Robert S. Hull noted: "FY 2016 total general revenue cash collections through May are up 2.1 percent, or $64.4 million more than was received last fiscal year through May of 2015. "The growth rate for the year increased by four-tenths of one percent from the April 2016 report due to strong increases in departmental receipts cash collections and all other revenues cash collections in the month of May. These increases more than offset decreases in year-over-year personal income tax, sales and use tax, and lottery transfer cash collections that were experience in May.
Notable cash collections items on a May fiscal year-to-date basis included: • Total personal income tax cash collections of approximately $1.125 billion, up $35.5 million, or 3.3 percent year-to-date. o Personal income tax withholding payments up $28.9 million, or 3.0 percent year to date. For May 2015's year-to-date performance, personal income tax withholding payments cash collections were up $41.8 million, or 4.5 percent. o Personal income tax refunds and adjustments down $18.3 million, or 7.0 percent year-to-date due primarily to enhanced fraud protocols and processing changes employed by the Division of Taxation for the TY 2015 filing season. • Year-to-date May 2016 sales and use tax cash collections of $16.0 million, or 1.8 percent more than FY 2015 in spite of the 2016 repeal of sales and use tax on electricity, natural gas, and heating fuels (to commercial buyers for non-manufacturing purposes). The Office of Revenue Analysis estimates that $22.7 million of sales and use tax revenue has been foregone from this change. • FY 2016 lottery transfer cash collections down $6.7 million, or 2.1 percent compared with prior year, primarily due to gaming competition in Massachusetts. o Video lottery net terminal income at Twin River down $11.7 million but offset in part by video lottery net terminal income at Newport Grand up $428,457 o Traditional lottery games and Keno cash collections up by $3.6 million over prior year. o Net gaming revenue from traditional table games at Twin River up $1.9 million, or 18.3 percent, against prior year. o Increased lottery cash collections of $395,237 due to the addition of a new poker room at Twin River with 16 poker tables in December 2016.
Notable month of May cash collections items included: • Decreased May 2016 personal income tax cash collections of $7.5 million, 9.7 percent below May 2015. o The decrease in May 2016 personal income tax cash collections was driven overwhelmingly by an increase of $15.5 million, or 84.3 percent, in personal income tax refunds and adjustments versus May 2015. • Decreased May 2016 sales and use tax cash collections of $2.7 million, 3.3 percent below May 2015. • Higher all other revenues cash collections than in May 2015 by $24.0 million, or 70.1 percent. The increase was the result of the receipt of an infrequently occurring large estate and transfer tax payment of $41.4 million in May 2016, which more than offset an increase in business corporations tax refunds and adjustments of $13.6 million from May 2015. • Decreased lottery transfer for May 2016 of $1.1 million, or 3.3 percent, less than May 2015 as a result of increased competition from Massachusetts-based gaming facilities. o The traditional games, the table games, and the Newport Grand video lottery terminal components of the lottery transfer showed a total increase of $685,688 in May 2016.
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/2016.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 email@example.com or by phone at (401) 574-8766.