The Rhode Island Department of Revenue, Office of Revenue Analysis released its FY 2015 Revenue Assessment Report for February 2015 today. The Revenue Assessment Report, which is issued on a monthly basis, compares the 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 the Department of Revenue's Office of Revenue Analysis from the revenue estimates adopted at the November 2014 Revenue Estimating Conference. The methodology underlying the Office of Revenue Analysis' estimates is contained in the attached report.
The February 2015 report finds that through February of the fiscal year, adjusted FY 2015 total general revenues lead expected FY 2015 revised total general revenues by $47.1 million, or 2.4 percent. It should be noted that the FY 2015 revenue estimates were revised upward by $15.8 million at the November 2014 Revenue Estimating Conference.
For the month of February, adjusted FY 2015 total general revenues were ahead of expected FY 2015 revised total general revenues for February by $3.0 million or 1.7 percent. The personal income tax outperformed expected revenues for February by $1.3 million or 4.0 percent. The sales and use tax underperformed expectations for February with adjusted sales and use tax revenues trailing expected sales and use tax revenues for February by $1.4 million or -2.0 percent. Adjusted monthly lottery transfer revenues for February were $410,654 less than expected monthly revised lottery transfer revenues for February, a variance of -1.4 percent.
The full report is available by using the link below. Questions or comments may be directed to Paul Dion, chief of the division, by using the contact link.