PROVIDENCE – The State of Rhode Island’s total general revenue collections in the first nine months of the current fiscal year came to about $2.092 billion, the R.I. Department of Revenue reported today.
That was $10.5 million, or 0.5 percent, below the year-to-date general revenue of $2.102 billion predicted by the state Revenue Estimating Conference in November. But in the total taxes category, adjusted collections from July 1 through March 31 amounted to $1.659 billion, exceeding the November estimate by $12.7 million, or 0.8 percent.
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The budget-to-actual revenue report for the first three quarters of fiscal 2009 – released today by the state Office of Revenue Analysis – compares adjusted cash collections received during that period with those the state had expected based on the estimates adopted in November. (READ MORE)
Last month, total general revenue collections amounted to $275.02 million, falling 1.8 percent short of March’s projected $280.11 million. Tax collections during the month amounted to $234.18 million, a decline of 0.9 percent from the predicted total of $236.35 million.
Still, “despite the economic volatility, the decline in actual revenues is less than 1 percent from that of the revised estimates,” said Gary S. Sasse, director of the R.I. Department of Revenue and the R.I. Department of Administration. “April is a critical month for income-tax collections,” he added, “and the Revenue Estimating Conference will convene in May to review and potentially revise revenue estimates.”
Information from the R.I. Department of Revenue and its Office of Revenue Analysis is available at www.dor.ri.gov. Additional information – including past Revenue Estimating Conference reports – is available from the R.I. Department of Administration’s Budget Office at www.budget.ri.gov.
