Revenue Assessment Report for May 2025 available

Published on Tuesday, June 17, 2025

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2025 Revenue Assessment Report for May 2025. 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 2025 Revenue Estimating Conference.

May Year-To-Date Performance: ORA finds that FY 2025 adjusted total general revenues through May were below the revised FY 2025 expected total general revenue estimates through May by $1.1 million, which is in line with expectations. Personal income tax revenue was $2.9 million more than expected with a variance of 0.2%, driven by positive variances for final payments and refunds. Sales tax was $5.0 million, or 0.3%, above expectations. Offsetting these positive variances were deficits in business taxes and departmental receipts.

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/fy-2025.

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.