Revenue Assessment Report for July 2022 available

Published on Friday, September 23, 2022

Providence, R.I. -- The Office of Revenue Analysis (ORA) released its FY 2023 Revenue Assessment Report* for July 2022 today. 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.

July Year-To-Date Performance. ORA finds that FY 2023 total general revenues through July exceeded the enacted FY 2023 expected total general revenues estimate by $12.4 million, a variance of 4.2%. This positive variance was driven by strong sales and use tax revenue, which exceeded estimates by $9.8 million (a variance of 7.3%). Personal income tax adjusted revenues were $2.4 million less than expected, a variance of -2.1%. This negative variance is primarily accounted for by weaker than expected income tax withholding ($4.7 million less than the estimate). Finally, $7.1 million of positive variance in July business taxes revenue was due to a transfer from the Rebuild RI fund as reimbursement for the previous use of Rebuild RI credits by insurance companies. While this transfer contributes to the July surplus, it will net out with the prior use of tax credits.

July Monthly Performance. Given that July is the first month of the fiscal year, the assessment of revenues on a fiscal year-to-date and a monthly basis are the same.

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 of Information and Public Relations by e-mail at paul.grimaldi@revenue.ri.gov or by phone at (401) 378-1080.

* PLEASE NOTE: Interested parties should also download the "FY 2023 RA Methodology and Law Changes" Report found under the Fiscal Year 2023 Revenue Assessment tab.