The outlook for Rhode Island’s next state budget will come into sharper view when the latest revenue data is discussed this morning.
The annual revenue estimating conference takes place twice a year, in November and May. It’s when legislative staffers offer their estimates of state revenues, based on taxes and other sources of income.
The latest revenue estimates are then used by the General Assembly when it makes revisions to the governor’s proposed budget for the fiscal year starting July first.
The eight billion dollar budget unveiled by Governor Lincoln Chafee in January included no new taxes. It closes a deficit originally projected at 128 million dollars, in part through a surplus from last year.
The General Assembly traditionally makes changes to the governor’s budget before passing its own version in June.
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