Revenue Assessment Report for March 2023 available

Published on Wednesday, April 26, 2023

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

March Year-To-Date Performance. ORA finds that FY 2023 adjusted total general revenues through March trailed the revised FY 2023 expected total general revenues estimates through March by $55.8 million, a variance of -1.6%. This variance was almost entirely due to lower-than-expected personal income tax collections. Income tax revenue was 5.6% 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.

March Monthly Performance. ORA finds that March adjusted total general revenues led the revised FY 2023 expected total general revenues estimates for the month by $2.9 million, a variance of 0.8%. Personal income tax collections had a positive variance of 6.8% ($9.4 million), mainly driven by less refund payments and more final payments than expected. Sales and use tax collections were 2.2% ($2.4 million) less than expected, the second consecutive month that sales tax failed to meet estimates.

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.