NEW: Preliminary Report Shows Growth in RI Revenue: But Is It Enough?
Thursday, September 08, 2011
The Governor’s Office today released a special report on preliminary FY 2011 revenues, and according to the data, Rhode Island experienced a 2.2% growth in funds when compared with its audited FY 2010 figures.
In total, Rhode Island’s total general revenue grew to $3.083 billion, up nearly $66 million over last year. While this is a step in the right direction, the newly released figure falls $8.1 million short of the final enacted estimate in growth from FY10 to FY11.
The report also shows that though Rhode Island collected $55.7 million more in overall taxes during FY11 than in FY10, it fell $7 million short in meeting its estimate. Despite this shortfall in overall tax collections, working Rhode Islanders paid 13.7% more in personal income tax when compared with FY10. This easily exceeded the estimated growth rate of 11.7%.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTAll told, Rhode Islanders contributed $1.021 billion in personal income tax last fiscal year – an increase of nearly $18 million. This represented the largest growth for state revenues.
In other areas, the state collected $1.8 million more in FY11 than FY10 from the Lottery Transfer, and fell $3.8 million short in meeting its budgeted revenue with regard to motor vehicle licensing and fees.
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