Providence, R.I. -- The Rhode Island Department of Revenue has released its FY 2020 Cash Collections Report for July 2019. The Cash Collections Report, which is issued monthly, 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 Mark A. Furcolo noted: "FY 2020 total general revenue cash collections through July are down 6.5%, or $28.3 million, from last fiscal year through July. This shortfall, however, is more than accounted for by the advancement of $31.0 million from the Lottery to the general fund in July 2018, a transfer that normally does not occur until August. After accounting for this transfer in July 2018, FY 2020 cash collections are ahead of last fiscal year through July by 0.7%. FY 2020 personal income tax cash collections through July were comparable to FY 2019 through July personal income tax cash collections, while FY 2020 through July sales and use tax cash collections were $3.7 million above the same period last fiscal year. FY 2020 through July departmental receipts cash collections were $4.2 million less than in FY 2019 through July, a variance of 2.3%."
Notable cash collections items on a July fiscal year-to-date basis included: • Total personal income tax cash collections of $95.9 million, up $834,591 or 0.9% year-to-date. o Personal income tax withholding payments up $2.6 million or 2.8% year-to-date, a deceleration from the 9.8% fiscal year to date growth rate recorded in July 2018. o Personal income tax refunds and adjustments up $5.1 million or 66.4% year-to-date, a sharp acceleration from the 30.8% growth rate recorded in July 2018. • Year-to-date FY 2020 sales and use tax cash collections up 3.7% in comparison to FY 2019 through July with total non-motor vehicle receipts $2.9 million higher, including $1.9 million more in meal and beverage receipts, and motor vehicle sales and use tax receipts (i.e., Registry Receipts) 8.6% more than the prior year. • FY 2020 all other general revenue sources cash collections through July are up $2.4 million relative to last fiscal year through July. This increase is distributed across all revenue items included in this category except alcohol excise taxes and racing and athletics taxes. • Fiscal year-to-date through July 2019 departmental receipts cash collections are $4.2 million, or 2.3%, less than in FY 2019 through July. FY 2018 hospital licensing fee receipts, which were paid in July 2018, included a cash payment made by Memorial Hospital which ceased operations in 2018 and therefore had no FY 2019 hospital licensing fee due in July 2019. This lack of payment for FY 2019 more than accounts for the shortfall in departmental receipts cash collections. • The lottery transfer in FY 2019 reflected the early transfer of $31.0 million in July 2018. In FY 2020, the first transfer of lottery revenues will occur in August.
Since July is the first month of the fiscal year, the FY 2020 month of July cash collections are the same as the FY 2020 year-to-date through July cash collections.
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/2020.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.