Rhode Island fiscal year revenues decrease

Rhode Island State Budget Office reported that fiscal year to date revenues have decreased by 6.3 percent as compared to collections for the same period one year ago. For the fiscal year to date period ending April 2002, total taxes and departmental receipts were $1.72 billion as compared to $1.84 billion for the same period last year. The revised estimate adopted at the Nov. 2001 Revenue Estimating Conference for FY 2002 projected a decrease of 1.9 percent in total taxes and departmental receipts.



One reason for the difference between FY 2002 taxes and departmental receipts and FY 2001 taxes and departmental receipts is a result of the difference in the value of the hospital license fee between the two periods. IN FY 2001, the hospital license fee included a one time supplemental tax in addition to the base tax of 4.0 percent of net patient service revenues.