Revenue Assessment Report for September 2023 available

Published on Wednesday, October 18, 2023

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2023 Revenue Assessment Report for September 2023. 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 2024 adjusted total general revenues through September led the enacted FY 2024 expected total general revenues estimates through September by $46.5 million, a variance of 4.0%. This positive variance was driven by personal income tax, business corporation tax, insurance company gross premiums tax, and sales and use tax. September’s year-to-date variance was slightly under the year-to-date variance as of last month, which was 4.7%.

September Monthly Performance. ORA finds that FY 2024 adjusted total general revenues in September led the expected total general revenues estimates for September by $17.1 million, a variance of 3.4%. This variance was driven by business corporation tax collections and departmental receipts, which were up $12.1 million and $5.9 million compared to estimates, respectively. Personal income tax trailed estimates by $2.3 million, with the estimated payments component down $12.4 million. September was the first quarterly estimated payment due date of the fiscal year for personal income tax and most of the general business taxes. Sales and use tax in September was on track with estimates.

The entire report can be found on the Department of Revenue’s web site at https://dor.ri.gov/revenue-analysis/fy-2024.

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 b