Revenue Assessment Report for March 2024 available

Published on Wednesday, April 17, 2024

Providence, R.I. --The Office of Revenue Analysis (ORA) today released its FY 2024 Revenue Assessment Report for March 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.

March Year-To-Date Performance. ORA finds that FY 2024 adjusted total general revenues through March led the revised FY 2024 expected total general revenue estimates through March by $13.3 million, a variance of 0.4%. Most of this variance was accounted for by business corporation tax, up $54.5 million to estimates; financial institutions tax, up $16.0 to estimates; and departmental receipts, up $9.6 million more than anticipated. This was partially offset by weakness in personal income tax, which was down $59.0 million compared to the estimate.

March Monthly Performance. ORA finds that March adjusted total general revenues led the revised monthly expected total general revenues estimate for March by $19.5 million, a variance of 5.2%. This variance was driven by business corporation tax, up $31.3 million to estimates, and financial institutions tax, up $15.1 million to estimates. This was partially offset by personal income tax collections, which were $17.2 million less than anticipated.

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

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.