The R.I. Department of Revenue Analysis today released the July 2016 Cash Collections report

FY 2017 Monthly Cash Collections Report for July 2016

(Oct. 6, 2016) Providence, R.I. –The Rhode Island Department of Revenue released
its FY 2017 Cash Collections Report for July 2016 today. 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 July are up 3.2 percent, or $11.8 million
more than was received last fiscal year through July of 2015.
The growth rate for FY 2017 through July is well below the 6.2 percent growth rate
recorded in the FY 2016 through July period last year. FY 2017 personal income tax
cash collections through July were $3.8 million less than in FY 2016 through July
while FY 2017 through July departmental receipts and all other general revenues were
each over $8.0 million more than the same period last fiscal year.”

Notable cash collections items on a July fiscal year-to-date basis included:
· Total personal income tax cash collections of approximately $77.5 million,
down $3.8 million or 4.7 percent year-to-date.
o Personal income tax withholding payments up $5.6 million or 7.5 percent year to
date, a sizeable difference from the 2.9 percent fiscal year to date growth rate
recorded in July 2015.
o Personal income tax refunds and adjustments up $8.8 million or 408.8 percent
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 July 2016 sales and use tax cash collections down $801,988, or
‑0.9 percent, from FY 2016 through July driven mostly by a decline of $677,606 in
motor vehicle use taxes paid at the time of vehicle registration.
· FY 2017 all other general revenue sources cash collections through July are
up $8.5 million relative to last fiscal year at this time. This increase is more
than accounted for by the late payment of insurance companies gross premiums taxes
received in July 2016 and accrued back to FY 2016.
· Fiscal year-to-date through July 2016 departmental receipts cash
collections are $8.0 million, or 5.1 percent, more than in FY 2016 through July
primarily due to increased FY 2016 hospital licensing fee payments received in July
2016.
· The lottery transfer in the new fiscal year does not commence until August.

1. July Fiscal year-to-date Summary of Findings:
Revenue Source

FY 2017 Year-to-Date Cash Collections

FY 2016 Year-to-Date Cash Collections

Nominal Difference

Percentage Difference

Personal Income Tax

$ 77,546,968

$ 81,378,073

$ (3,831,105)

‑4.7 %

Sales and Use Tax

90,961,007

91,762,995

( 801,988)

‑0.9 %

Departmental Receipts

166,343,445

158,312,629

8,030,816

5.1 %

Lottery Transfer

n/a

n/a

n/a

n/a

All Other Revenues

47,215,614

38,759,315

8,456,299

21.8 %

Total General Revenues

$ 382,067,034

$ 370,213,012

$ 11,854,022

3.2 %

Since July is the first month of the fiscal year, the FY 2017 month of July cash
collections are the same as the FY 2017 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/2016.php under the State
Reports tab.