Revenue Assessment Report for November 2022 available

Published on Tuesday, December 20, 2022

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2023 Revenue Assessment Report for November 2022. 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 compare revenue performance with the revised estimates produced at the November 2022 Revenue Estimating Conference.

November Year-To-Date Performance. ORA finds that FY 2023 adjusted total general revenues through November trailed the revised FY 2023 expected total general revenues estimate through November by $19.4 million, a variance of ‑1.0%. Most of this variance was accounted for by personal income tax withholding, which was $18.1 million less than estimates. Some of this is likely because November 2022 had four withholding payment due dates, while the last few Novembers have had five due dates. As noted in previous reports, strong withholding performance in October 2022 was likely due to that month having five due dates.

November 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 November 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 of Information and Public Relations by e-mail at paul.grimaldi@revenue.ri.gov or by phone at (401) 378-1080.