Revenue Assessment Report for January 2024 available

Published on Wednesday, February 26, 2025

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2025 Revenue Assessment Report for January 2025. 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. Expected general revenues are estimated by ORA from the revised estimates adopted at the November Revenue Estimating Conference (REC) on November 8, 2024.

January Year-To-Date Performance. ORA finds that FY 2025 adjusted total general revenues through January trailed the revised FY 2025 expected total general revenues estimates through January with a variance of ($25.7) million or -0.8%. Personal income tax, business taxes, and sales and use tax performed below expectations with variances of -0.1%, -18.9%, and -0.7% respectively.

January Monthly Performance. ORA finds that January adjusted total general revenues were below the revised monthly expected total general revenues estimate for January by ($25.0) million, a variance of -4.9%. Personal income tax and business taxes performed below expectations with variances of -9.4% and -49.5% respectively. 

The entire report can be found on the Department of Revenue’s website at https://dor.ri.gov/revenue-analysis/fy-2025.

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.