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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