RI State Revenues Running About $50 Million Ahead Of Projections

Mar 25, 2015

Some good news from the Rhode Island Department of Revenue: The latest budget numbers from state government show state revenues up nearly $50 million ahead of projections.

Rosemary Gallogly, the outgoing director of revenue, said in a statement that year-to-date revenues are up about $47 million above the estimates.

The revenue growth has been fueled largely by an increase in personal income tax money. That could be a sign that the economy is gaining traction as Rhode Island’s slow recovery from the recession picks up steam.

``The personal  income tax showed renewed vigor in February with adjusted revenues passing expected revenues for the month,’’ said Gallogly.

Sales and use taxes were not as strong in February, which Gallogly said was likely due to the severe winter weather in southeastern New England.

One cautionary note is that lottery and gambling revenues are down slightly, which Gallogly also attributed to weather.

The entire report is available at www.dor.ri.gov under the revenue analysis header on the state reporte tab.