State revenues now expected to be $274M more than projected

Rhode Island State House. (WLNE)

PROVIDENCE, R.I. (AP) — Rhode Island revenues are now projected to be $274 million higher for the current fiscal year than what was estimated just six months ago, according to state officials.

The new number s came out Wednesday from the legislature’s semiannual Revenue Estimating Conference.

Analysts now expect the state to generate $4.68 billion, up from the previous estimate of $4.41 billion. During the last fiscal year that runs from July 1 to June 30, the state collected $4.43 billion.

The increased numbers give Gov. Daniel McKee and state lawmakers more flexibility in the state budget process.

The state has also yet to figure out how it will spend $1.1 billion in federal coronavirus relief funds through the American Rescue Plan Act.

“We are pleased that the revenue estimates signal continued strength as we emerge from the worst of the pandemic,” House Finance Committee Chairman Marvin Abney and Senate Finance Committee Chairman Ryan Pearson said in a joint statement. “We will continue our work to assess the multitude of proposals and identified needs for both one-time and ongoing resources to ensure a lasting recovery.”

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