Revenue Assessment Report for February 2023 available

Published on Wednesday, March 22, 2023

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2023 Revenue Assessment Report for February 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.

February Year-To-Date Performance. ORA finds that FY 2023 adjusted total general revenues through February trailed the revised FY 2023 expected total general revenues estimates through February by $58.9 million, a variance of ‑1.9%. This variance was almost entirely due to lower-than-expected personal income tax collections. Income tax revenue was 7.0% lower than anticipated, with all components falling short of estimates. The weakness in income tax was partially offset by strength in businesses taxes, departmental receipts (fees and fines collected by state agencies), and lottery revenue.

February Monthly Performance. ORA finds that February adjusted total general revenues led the revised FY 2023 expected total general revenues estimates for the month by $3.8 million, a variance of 1.5%. Personal income tax collections had a positive variance of 11.1% ($6.2 million), mainly driven by less refund payments than expected. Lottery and departmental receipt revenues continued their strong performance, while sales and use tax collections were 3.0% ($3.5 million) less than expected.

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/Program Development, by e-mail at paul.grimaldi@revenue.ri.gov or by phone at (401) 378-1080.