Revenue Assessment Report for September 2022 available

Published on Friday, October 21, 2022

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

September Year-To-Date Performance. ORA finds that FY 2023 adjusted total general revenues through September exceeded the enacted FY 2023 expected total general revenues estimate through September by $65.0 million, a variance of 5.8%. This positive variance was driven by both strong sales and use tax revenue ($21.8 million above estimate) and strong personal income tax revenue ($21.7 million above estimate).

September Monthly Performance. ORA finds that September 2022 adjusted total general revenues exceeded the enacted monthly expected total general revenues estimate for September by $28.5 million, a variance of 6.0%. September is the first quarterly tax payment of the current fiscal year for personal income tax and most business filers (these payments relate to tax year 2022). These quarterly payments generally came in at or above expectations. Total business taxes exceeded estimates by $11.1 million in September, and personal income tax estimated payments came in $3.8 million stronger than anticipated. Sales and use tax remains on trend, with the year-to-date variance to estimates (5.5%) matching the September variance (5.4%).

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.