Revenue Assessment Report for May 2023 available

Published on Monday, June 19, 2023

Providence, R.I -- The Office of Revenue Analysis (ORA) today released its FY 2023 Revenue Assessment Report for May 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. This is the first report to use the updated estimates from the May 2023 Revenue Estimating Conference.

May Year-To-Date Performance. ORA finds that FY 2023 adjusted total general revenues through May led the revised FY 2023 expected total general revenues estimates through May by $23.0 million, a variance of 0.5%. This positive variance was driven by departmental receipts and personal income tax collections, with income tax buoyed by a strong month for withholding payments (up $22.7 million compared to the estimate).

May Monthly Performance. After each Revenue Estimating Conference, ORA resets the year-to-date variance to estimates on the assumption that this variance was accounted for in the conference process. This means that for May the year-to-date variance and monthly variance 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/Program Development, by e-mail at paul.grimaldi@revenue.ri.gov or by phone at (401) 378-1080.