Revenue Assessment Report for November 2025 available

Published on Thursday, December 18, 2025

Providence, R.I. -- The Office of Revenue Analysis (ORA) today  its FY 2025 Revenue Assessment Report for November 2025. This monthly report compares adjusted general revenues by source on a fiscal year-to-date and monthly basis to expected general revenues by source. Expected general revenues are estimated by ORA from the revised estimates adopted at the November Revenue Estimating Conference (REC) on November 10, 2025. This is the first report to use those revised estimates.

November Year-To-Date Performance. ORA finds that FY 2026 adjusted general revenues through November trailed the revised FY 2026 estimates through November by $28.8 million, a variance of -1.4%. Most of this variance was due to personal income tax revenue being down by $22.2 million, driven by underperformance of final and withholding payments, and increased refunds. Despite falling below estimates, withholding cash collections in November 2025 grew by a robust 5.5% compared to November 2024. Sales and use tax revenue was below the estimate by $2.7 million, or 0.4%. On a year-to-date cash basis compared to last year, sales and use tax grew by 1.3%.

November Monthly Performance. After each Revenue Estimating Conference, ORA resets the year-to-date difference to estimates on the assumption that this difference was accounted for in the conference process. This means that for November the year-to-date difference and monthly difference are the same.

The entire report can be found on the Department of Revenue’s web site at https://dor.ri.gov/revenue-analysis/fy26-state-revenue-data.

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.