Revenue Assessment Report for October 2026 now available
Published on Friday, November 06, 2026
Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2027 Revenue Assessment Report for October 2026. This monthly report compares adjusted general revenues by revenue source on a fiscal year-to-date and monthly basis to expected general revenues by revenue source. Expected general revenues are estimated by ORA from the revenue estimates included in the FY 2027 enacted budget signed into law on June 12, 2026. The November Revenue Assessment report will use revenue estimates adopted at the November 2026 REC on November 10, 2026.
October Year-To-Date Performance. ORA finds that FY 2027 adjusted total general revenues through October were above the enacted FY 2027 expected total general revenue estimates through October by $79.2 million, a variance of 4.5%. Most of this variance was due to strong sales tax and business tax revenue. Combined, business taxes exceeded the estimate by $55.7 million. Sales and use tax exceeded the estimate by $21.8 million, a variance of 3.5%. On a cash basis, sales and use tax grew by 7.4% year to date compared to FY 2026. These positive variances were offset by weaker-than-expected personal income tax revenue, driven by lower withholding revenue than anticipated. Withholding revenue was $11.4 million below estimates, a variance of -2.0%. On a cash basis, withholding grew by 1.6% year to date compared to FY 2026.
October Monthly Performance. ORA finds that October 2026 adjusted total general revenues were above the enacted monthly total general revenue estimates for October by $21.2 million, a variance of 5.2%. Most of this variance was due to continued strong sales tax and business tax revenue. Business corporation tax was ahead of estimates by $18.6 million. Sales and use tax continued to exceed expectations, ending the month at $3.6 million or 2.3% higher than estimated. Personal income tax withholding fell below estimates by $16.8 million, a variance of -11.1%.
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.
