November Revenue Assessment Report for November 2024 Available

Published on Wednesday, December 18, 2024

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2025 Revenue Assessment Report for November 2024. 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. Expected general revenues are estimated by ORA from the revised estimates adopted at the November Revenue Estimating Conference (REC) on November 8, 2024. This is the first report to use those revised estimates.

November Year-To-Date Performance. ORA finds that FY 2025 adjusted total general revenues through November trailed the revised FY 2025 expected total general revenue estimates through November by $4.4 million, a variance of -0.2%. Most of this variance was due to personal income tax revenue being down by $7.1 million, driven by underperformance of withholding payments. Despite falling below estimates, withholding cash collections in November 2024 grew by a robust 7.5% compared to November 2023.

November Monthly Performance. After each Revenue Estimating Conference, ORA resets the year-to-date difference to estimates on the assumption that this difference was accounted for in the conference process. This means that for November the year-to-date difference and monthly difference are the same.

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 [email protected] or by phone at (401) 378-1080.