Providence, R.I. -- The Rhode Island Department of Revenue today released its FY 2017 Cash Collections Report for January 2017. The Cash Collections Report, which is issued on a monthly basis, compares current fiscal year cash collections by revenue item on a fiscal year-to-date and monthly basis to prior fiscal year cash collections by revenue item. The cash collections report makes no adjustments for the timeliness of the receipt of revenues and provides readers with insight into the state's cash flow over the course of the fiscal year.
Rhode Island Department of Revenue Director Robert S. Hull noted: "FY 2017 total general revenue cash collections through January are up 1.7 percent, or $34.1 million more than was received last fiscal year through January of 2016." The growth rate for FY 2017 through January of 1.7 percent was less than the 2.6 percent growth rate recorded in the previous year. FY 2017 personal income tax cash collections through January were $10.0 million more than in FY 2016 through January while FY 2017 through January sales and use tax cash collections were also $10.9 million more than the same period in FY 2016. FY 2017 through January departmental receipts were greater than the same period in FY 2016 by a total of $20.0 million. The lottery transfer for the FY 2017 year-to-date period through January was $2.0 million less than the same period in FY 2016 while fiscal year-to-date through January 2017 all other revenues were $4.8 million less than the same period last year.
Notable cash collections items on a January fiscal year-to-date basis included: • Total personal income tax cash collections of approximately $772.7 million, up $10.0 million or 1.3 percent year-to-date. o Personal income tax withholding payments up $36.2 million or 5.9 percent year to date, significantly more than the 1.7 percent fiscal year to date growth rate recorded in January 2016. This increase includes the receipt of a large, infrequently occurring payment of $3.3 million in August 2016. o Personal income tax final payments up $8.6 million, or 30.6 percent year-to-date, a sharp reversal from the 0.5 percent fiscal year-to-date growth rate for the same period last fiscal year. o Personal income tax refunds and adjustments up $36.2 million year-to-date due primarily to the Division of Taxation working down the backlog of personal income tax refunds that resulted from enhanced fraud protocols and processing changes employed for the TY 2015 filing season. • Year-to-date January 2017 sales and use tax cash collections up $10.9 million, or 1.8 percent, from FY 2016 through January although the spread recorded in January 2017 fiscal year-to-date is slightly more than one-half of the spread recorded in January 2016 fiscal year-to-date. • FY 2017 all other general revenue sources cash collections through January are down relative to last fiscal year at this time, due in large part to fiscal year-to-date-over-fiscal year-to-date declines in motor vehicle license and registration fee, estate and transfer tax, and health care provider assessment cash collections. • Fiscal year-to-date through January 2017 departmental receipts cash collections are $20.0 million, or 8.0 percent, more than in FY 2016 through January primarily due to increased FY 2016 hospital licensing fee payments received in July 2016. • The year-to-date FY 2017 lottery transfer is down $2.0 million from the same period last fiscal year due in large part to substantive underperformance in Twin River video lottery terminals offset in part by improved results from Twin River's traditional table games and poker tables.
Notable month of January cash collections items included: • January 2017 personal income tax cash collections of $143.4 million, 1.5 percent above January 2016 and well below the 7.9 percent growth rate recorded last year. o January 2017 personal income tax withholding payments cash collections were up 6.6 percent, or $6.1 million, versus January 2016. o A year-over-year increase in January 2017 personal income tax refunds and adjustments of $11.4 million as a result of the decrease in the backlog of personal income tax returns as levels return to normal. o January 2017 personal income tax estimated payments were up 12.4 percent or $6.4 million more than January 2016. • January 2017 sales and use tax cash collections of $91.3 million are 3.3 percent above January 2016. The increase in January 2017 sales and use tax cash collections is due to a modest increase in net Taxation receipts and a stronger increase in registry receipts offset by a decrease in sales and use tax payments from the Providence Place Mall. • Higher all other revenues cash collections than in January 2016 by a total of $3.4 million or 19.9 percent. Million dollar plus year-over-year increases in business corporations tax, and cigarettes tax cash collections more than offset decreased motor vehicle license and registration fee cash collections. • Decreased lottery transfer for January 2017 of $2.4 million or 7.7 percent versus January 2016. o Substantial year-over-year decreases in the transfer from traditional lottery games and the video lottery terminals at Twin River more than offset very modest gains in the transfer from Twin River table games and the video lottery terminals at Newport Grand.
The full cash collections report can be found on the Department of Revenue's web site, www.dor.ri,gov, under the Revenue Analysis directory or at this link: http://www.dor.ri.gov/revenue-analysis/2017.php under the State Reports tab.
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) 574-8766.