Revenue Assessment Report for January 2023 available

Published on Thursday, February 23, 2023

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

January Year-To-Date Performance. ORA finds that FY 2023 adjusted total general revenues through January trailed the revised FY 2023 expected total general revenues estimates through January by $62.7 million, a variance of ‑2.2%. This variance is almost entirely due to lower-than-expected personal income tax collections. Income tax revenue is 7.8% 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.

January Monthly Performance. ORA finds that January adjusted total general revenues trailed the revised FY 2023 expected total general revenues estimates for the month by $10.6 million, a variance of ‑2.2%. Personal income tax collections ($28.1 million, or 11.8%, less than expected) drove this variance, although income tax withholding (the largest component of income tax) did exceed estimates. Departmental receipts and lottery revenue came in a combined $13.1 million, or 17.8%, higher than forecast, partially offsetting weakness in income tax.

The entire report can be found on the Department of Revenue’s website 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.