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R.I. Department of Revenue releases July 2016 cash collections report

Providence, R.I. --The Rhode Island Department of Revenue today released its FY 2017 Cash Collections Report for July 2016. 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 2017 total general revenue cash collections through July are up 3.2 percent, or $11.8 million more than was received last fiscal year through July of 2015. The growth rate for FY 2017 through July is well below the 6.2 percent growth rate recorded in the FY 2016 through July period last year. FY 2017 personal income tax cash collections through July were $3.8 million less than in FY 2016 through July while FY 2017 through July departmental receipts and all other general revenues were each over $8.0 million more than the same period last fiscal year."

Notable cash collections items on a July fiscal year-to-date basis included: Total personal income tax cash collections of approximately $77.5 million, down $3.8 million or 4.7 percent year-to-date. o Personal income tax withholding payments up $5.6 million or 7.5 percent year to date, a sizeable difference from the 2.9 percent fiscal year to date growth rate recorded in July 2015. o Personal income tax refunds and adjustments up $8.8 million or 408.8 percent year-to-date due primarily to the Division of Taxation working down the backlog of personal income tax refunds that resulted from enhanced fraud protocols and processing changes employed for the TY 2015 filing season. Year-to-date July 2016 sales and use tax cash collections down $801,988, or 0.9 percent, from FY 2016 through July driven mostly by a decline of $677,606 in motor vehicle use taxes paid at the time of vehicle registration. FY 2017 all other general revenue sources cash collections through July are up $8.5 million relative to last fiscal year at this time. This increase is more than accounted for by the late payment of insurance companies gross premiums taxes received in July 2016 and accrued back to FY 2016. Fiscal year-to-date through July 2016 departmental receipts cash collections are $8.0 million, or 5.1 percent, more than in FY 2016 through July primarily due to increased FY 2016 hospital licensing fee payments received in July 2016. The lottery transfer in the new fiscal year does not commence until August.

Since July is the first month of the fiscal year, the FY 2017 month of July cash collections are the same as the FY 2017 year-to-date through July cash collections.

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: 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 or by phone at (401) 574-8766.

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