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

Questions or comments on the report should be directed to Paul Grimaldi, Chief/Program Development, by e-mail at or by phone at (401) 378-1080.

Rhode Island Revenue Assessment YTD Graphic March 2023