Revenue Assessment Report for October 2022 available

Published on Wednesday, November 16, 2022

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2023 Revenue Assessment Report for October 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.

One note: this report still uses expected revenue from the FY 2023 enacted budget. The November 2022 report will update expected revenue based on the Revenue Estimating Conference held on November 10, 2022.

October Year-To-Date Performance. ORA finds that FY 2023 adjusted total general revenues through October exceeded the enacted FY 2023 expected total general revenues estimate through October by $113.1 million, a variance of 7.9%. This positive variance was driven by both strong sales and use tax revenue ($26.6 million above estimate) and strong personal income tax revenue ($58.1 million above estimate).

October Monthly Performance. ORA finds that October 2022 adjusted total general revenues exceeded the enacted monthly expected total general revenues estimate for October by $45.2 million, a variance of 14.4%. This is despite child tax rebates being issued at a faster pace than assumed by the ORA expected revenue calculation. Personal income tax withholding payments were $22.8 million above estimate, although October had five withholding due dates (compared to a typical month with four). Sales and use tax collections slightly softened, with an October variance of 3.7% compared to a variance through September of 5.5%.

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.