Revenue Assessment Report for November 2023 available Published on Thursday, December 14, 2023 Providence, R.I. -- The Office of Revenue Analysis (ORA) today released its FY 2024 Revenue Assessment Report for November 2023. 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. This is the first report to compare revenue performance with the revised estimates produced at the November 2023 Revenue Estimating Conference (REC). November Year-To-Date Performance. ORA finds that FY 2024 adjusted total general revenues through November trailed the revised FY 2024 expected total general revenues estimates through November by $15.5 million, a variance of ‑0.8%. Most of this variance was accounted for by personal income tax withholding, which was $15.2 million less than estimates, and business corporation tax, which was $5.6 million less than anticipated. Cigarettes revenue also trailed estimates, with a negative variance of $3.6 million or 6.4%, although this revenue item can be volatile. This was offset by positive variance in sales and use tax, estate and transfer tax, and departmental receipts. Estimated sales and use tax revenue was revised upward at the November 2023 REC, but actual revenue continued to exceed expectations, with a positive variance of $2.3 million or 0.3%. November sales and use tax revenue represents October activity. 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-2024. Questions or comments on the report should be directed to Paul Grimaldi, Chief/Program Development, by e-mail at paul.grimaldi@revenue.ri.gov or by phone at (401) 378-1080.