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Revenues

The fiscal year is the accounting period for state government which begins on July 1 and ends on June 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2022 begins on July 1, 2021 and ends on June 30, 2022.

Revenue collections in the state of Rhode Island are comprised of twelve (12) major categories.

State of Rhode Island Fiscal Year 2022 Revenues
Revenue Category Revenue Amount YTD
Federal Grants $ 5,548,159,458.08
Other Taxes $ 4,316,747,629.83
Others $ 2,987,120,650.10
Restricted Revenues $ 419,986,994.82
Non Operating General Revenue $ 418,079,114.21
Licenses and Fees $ 322,193,722.21
Fines and Penalties $ 54,072,767.74
Tolls $ 40,062,334.70
Misc. Departmental Revenues $ 36,604,787.88
Sales and Services $ 8,933,961.06
Intragvmntl Sales and Svcs $ 98,860.93
Undefined $ 0.00
Grand Total $14,152,060,281.56

 

This revenue data comes from the Office of Accounts and Control’s preliminary audited closing statement, which is typically issued in September (following the fiscal year end in June). After working with the Auditor General and other stakeholders, Accounts and Control will issue final, audited revenue data in January.

Revenue Category Definitions

  • Federal Grants: Funds received from the federal government for the purpose of operating specific programs or providing specific services.
  • Fines and Penalties: Funds collected from violators of state laws or regulations.
  • Intragvmntl Sales and Svcs: Fees received by one state agency as payment for product or services provided by another state agency.
  • Licenses and Fees: Funds collected is the issuance of licenses granted by the state for fees collected for the performance of certain functions.
  • Misc. Departmental Revenues: Departmentaly generated general revenue not otherwise classified.
  • Non Operating General Revenue: General revenue received from one state fund that is being paid from another state fund.
  • Other Taxes: Taxes assessed and collected in accordance with state law.
  • Others: Other unclassified revenues.
  • Restricted Revenues: Revenues received and earmarked for expenditures for a specific purpose.
  • Sales and Services: Funds collected by state agencies for the performance of duties or the delivery of products.
  • Tolls:┬áRevenue from the state’s truck tolling gantries.
  • Undefined: This should always be zero. If any revenues post to undefined accounts they are assigned a report group prior to the issuance of any revenue reports.