Revenue Assessment Report for December 2022 available

Revenue Assessment Report for December 2022 available

Published on Friday, January 27, 2023

Providence, R.I. -- The Office of Revenue Analysis (ORA) today its FY 2023 Revenue Assessment Report for December 2022. 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.

December Year-To-Date Performance. ORA finds that FY 2023 adjusted total general revenues through December trailed the revised FY 2023 expected total general revenues estimates through December by $46.1 million, a variance of -1.9%. This variance is almost entirely due to lower-than-expected personal income tax collections. Income tax revenue is 6.8% lower than anticipated, with all components falling short of estimates.

December Monthly Performance. ORA finds that December adjusted total general revenues trailed the revised FY 2023 expected total general revenues estimates for the month by $28.6 million, a variance of -5.5%. Personal income tax collections ($46.5 million, or 20.3%, less than expected) drove this variance, while general business taxes and sales and use tax revenue (a combined $18.7 million, or 8.5%, more than expected) partially offset this deficit.

The entire report can be found on the Department of Revenue's website at https://dor.ri.gov/revenue-analysis/fiscal-year-2023.

Questions or comments on the report should be directed to Paul Grimaldi, Chief/Program Development by e-mail at [email protected] or by phone at (401) 378-1080.