Improved revenue forecast bolsters budget talks - ABC6 - Providence, RI and New Bedford, MA News, Weather

Improved revenue forecast bolsters budget talks

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PROVIDENCE, R.I. (AP) - Fiscal analysts are boosting tax revenue estimates for Rhode Island, brightening the state's overall budget picture.

The Revenue Estimating Conference said Thursday it expects revenues to be $75.5 million higher than originally anticipated in the current state fiscal year and $59.4 million higher in the 12-month period starting July 1.

Some of the anticipated surplus will be needed to offset higher-than-projected spending in some areas of government both this year and next.

A spike in income tax collections appears to be driving the higher revenue estimates.

The new forecast comes as Democratic Gov. Gina Raimondo and Democratic legislative leaders begin final talks on a new state spending plan.

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