Revenue Assessment Report for February 2024 available

Published on Thursday, March 21, 2024

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2024 Revenue Assessment Report for February 2024. 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 2024 adjusted total general revenues through February trailed the revised FY 2024 expected total general revenue estimates through February by $6.2 million, a variance of -0.2%. Most of this variance was accounted for from personal income tax components, which were $41.8 million less than estimates, and cigarettes and other tobacco products tax, which was $3.0 million less than anticipated. This was partially offset business corporation tax, up $23.2 million to estimates, and departmental receipts, $15.6 million more than anticipated.

February Monthly Performance. ORA finds that February adjusted total general revenues trailed the revised monthly expected total general revenues estimate for February by $8.6 million, a variance of -3.3%. This variance was driven by personal income tax revenue being down $20.2 million less than expected with refunds and adjustments revenue being above estimate by $18.1 million and withholding payments being down $3.6 million. This was partially offset by business corporation tax collections, which were up $4.9 million, and departmental receipts, which were up $3.0 million.

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