State Revenue Estimated to Be Over $3 Billion

State Revenue Estimated to Be Over $3 Billion

The State of Rhode Island’s adjusted year-to-date November cash collections for Total General Revenues exceed expected revenue collections by $37.5 million, or 3.6 percent. This number is based on the November Revenue Estimating Conference revised FY 2011 revenue according to the Department of Revenue released Monday.

In Total Taxes the variance from the November 2010 revised expected revenues is $31.2 million, or 3.7 percent.

For General Revenue Sources, FY 2011 adjusted cash collections are more than 2010’s by $1.4 million or 1.2 percent. The revised FY 2011 total general revenue estimate is $3,037,355,000 for the State

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Within taxes, Personal Income Tax adjusted cash collection has the largest positive difference with a variance of $16.0 million, 4.3 percent.

One revenue item has an adjusted cash collection that is below expected revenues by over $1.0 million, Inheritance and Gift Tax. It had the largest shortfall in revenue, $1.9 million or 15.1 percent less than expected. Public Utilities Gross Earnings, Bank Deposits, Alcohol and Realty Transfer taxes adjusted cash collection are below expected revenues as well.