Revenue Assessment Report for August 2023 Available

Published on Thursday, September 28, 2023

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2023 Revenue Assessment Report for August 2023. 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 2024 adjusted total general revenues through August led the enacted FY 2024 expected total general revenues estimates through August by $31.2 million, a variance of 4.7%. This positive variance was driven by personal income tax, sales and use tax, and insurance company gross premiums tax revenue. The year-to-date variance does include $12.7 million of transfers from the Rebuild Rhode Island tax credit fund, which is used to backfill revenue lost due to usage of these incentives. These transfers primarily boosted insurance company and sales and use tax revenue. This transfer happens biannually in July and January.

August Monthly Performance. ORA finds that FY 2024 adjusted total general revenues in August trailed the expected total general revenues estimates for August by $0.3 million, a variance of 0.1%. This variance was driven by personal income tax collections, which were down $5.3 million to estimates, offset by strength in insurance company revenue and departmental receipts. The withholding component of personal income tax was down $9.3 million to estimates, although year to date withholding was still ahead of expectations. Sales and use tax in August was largely on track with estimates, exceeding expectations by $1.9 million or 1.3%.

The entire report can be found on the Department of Revenue’s web site at https://dor.ri.gov/revenue-analysis/fy-2024.

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