Revenue Assessment Report for August 2022 Available

Published on Monday, October 03, 2022

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2023 Revenue Assessment Report for August 2022. This monthly report compares the adjusted general revenues by revenue source on a fiscal year-to-date and monthly basis to expected general revenues by revenue source.

August Year-To-Date Performance. ORA finds that FY 2023 total general revenues through August exceeded the enacted FY 2023 expected total general revenues estimate by $38.7 million, a variance of 6.0%. This positive variance was driven by both strong sales and use tax revenue ($14.7 million above estimate) and strong personal income tax revenue ($14.9 million above estimate).

August Monthly Performance. ORA finds that FY 2023 total general revenues in August exceeded the enacted FY 2023 expected total general revenues estimate by $27.9 million, a variance of 8.2%. August personal income tax paycheck withholding, which had fallen short of the estimate in July by $4.7 million, exceeded expectations in August by $13.6 million. Sales and use tax revenue was strong, although the monthly variance to estimates in August 2022 (3.6%) was lower than the variance in July (7.3%). Several business tax types, financial institutions and insurance companies, trailed estimates by a combined $10.3 million (likely representing refund(s) issued in August). As is the case for all business tax types, September represents a quarterly payment due date for most businesses and is thus a better indication of performance than July/August data.

The entire report can be found on the Department of Revenue’s web site at https://dor.ri.gov/revenue-analysis/fiscal-year-2023.

Questions or comments on the report should be directed to Paul Grimaldi, Chief of Information and Public Relations by e-mail at paul.grimaldi@revenue.ri.gov or by phone at (401) 378-1080.