R.I. revenue drops $33M below estimates
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The Associated Press
Published: October 7, 2008
PROVIDENCE—Revenue collected by Rhode Island’s government dropped $33 million below lawmakers’ expectations during the first quarter of the state’s fiscal year.
A report released Tuesday by House budget officials showed collections from personal income, sales, corporate and insurance taxes were below expected benchmarks from July to September.
Lottery revenues also declined.
In the report, House Fiscal Adviser Michael O’Keefe said the numbers should be a cause for concern. He expects a difficult year for lawmakers who must produce a budget.
The figures are not a surprise. Rhode Island began its fiscal year with a $34 million budget deficit, and Gov. Don Carcieri’s budget officials have predicted an $85 million shortfall for the year starting in July 2009.
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Posted by ( ama177823 ) on October 07, 2008 at 6:17 pm
Well, if there’s any consolation to all this; it would appear the (at least) Mr Alves won’t have to deal with the ramifications of his past fiscal policies.
Now the dance starts with identifing what social programs get the axe, because I won’t be paying any higher taxes without taking a few politicians with me.
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