Revenue Assessment Report for September 2024 Available

Published on Thursday, October 24, 2024

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2025 Revenue Assessment Report for September 2024. This monthly report compares the adjusted general revenues by revenue source on a fiscal year-to-date and monthly basis with expected general revenues by revenue source. Expected general revenues are estimated by the ORA from the revenue estimates included in the FY 2025 enacted budget signed into law on June 16, 2024.

September Year-To-Date Performance. ORA finds that FY 2025 adjusted total general revenues through September led the enacted FY 2025 expected total general revenue estimates through September by $75.7 million, a variance of 6.1%. Most of this variance was due to personal income tax revenue being up by $68.6 million. This positive variance was caused by the delayed due date for personal income tax (and business taxes) from April/June 2024 to July 15, 2024. Those delayed personal income tax payments totaled $43.3 million. In addition, business corporation tax exceeded estimates by $3.7 million. On a year-to-date cash basis, sales and use tax grew by 4.4%.

September Monthly Performance. ORA finds that September 2024 expected total general revenues led the adjusted total general revenues estimate for September by $28.8 million, a variance of 5.5%. This variance was driven by personal income tax collections, which were up $27.0 million to estimates, largely due to withholding payments being up $18.7 million. In addition, business corporation tax exceeded estimates by $3.2 million. This was offset by weakness in financial institutions tax revenue, which trailed the estimate by $3.7.

The entire report can be found on the Department of Revenue’s web site at https://dor.ri.gov/revenue-analysis/fy-2025.

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.