Revenue Assessment Report for July 2024 available

Revenue Assessment Report for July 2024 available

Published on Monday, August 26, 2024

Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2025 Revenue Assessment Report for July 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 the ORA from the revenue estimates included in the FY 2025 enacted budget signed into law on June 16, 2024. This is the first report to assess revenue performance in FY 2025.

July Year-To-Date Performance. ORA finds that FY 2025 adjusted total general revenues through July led the enacted FY 2025 expected total general revenues estimates by $1.2 million, a variance of 0.3%. Most of this variance was accounted for by strength in sales and use tax, up $3.4 million to estimates, and in personal income tax, with refunds and adjustments being down $1.6 million. This was partially offset by weakness in departmental receipts which was down $3.3 million compared to the estimate.

July Monthly Performance. Given that July is the first month of the fiscal year, the assessment of revenues on a fiscal year-to-date and a monthly basis 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.