Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2018 Cash Collections Report for July 2017. 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 Acting Director Marilyn S. McConaghy noted: "FY 2018 total general revenue cash collections through July are up 10.5 percent, or $40.0 million more than was received last fiscal year through July of 2016. Much of this increase can be attributed to the receipt of nearly $59.0 million in estate and transfer tax cash collections in July 2017. The growth rate for FY 2018 through July is sharply above the 3.2 percent growth rate recorded in the FY 2017 through July period last year. FY 2018 personal income tax cash collections through July were $5.5 million more than in FY 2017 through July while FY 2018 through July insurance company gross premiums tax cash collections were $15.7 million below 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 $83.0 million, up $5.5 million or 7.0 percent year-to-date. o Personal income tax withholding payments up $6.4 million or 8.0 percent year-to-date, an acceleration from the 7.5 percent fiscal year to date growth rate recorded in July 2016. • Year-to-date July 2017 sales and use tax cash collections flat in comparison to FY 2017 through July with Net Taxation receipts $2.8 million more and Registry Receipts $2.8 million less than the prior year. • FY 2018 all other general revenue sources cash collections through July are up $39.4 million relative to last fiscal year at this time. This increase reflects higher estate and transfer tax cash collections in July 2017 of $55.7 million offset by lower insurance company gross premiums tax cash collections of $15.7 million. • Fiscal year-to-date through July 2017 departmental receipts cash collections are $4.9 million, or 2.9 percent, less than in FY 2017 through July primarily due to decreased FY 2017 hospital licensing fee payments received in July 2017 of $2.3 million. • 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 2018 month of July cash collections are the same as the FY 2018 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: http://www.dor.ri.gov/revenue-analysis/2018.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.