RI taxes, fees and Lottery receipts down $13.8 M in March
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PROVIDENCE, R.I. -- With overall state revenue collections lagging estimates by $13.8 million last month, House fiscal adviser Michael O'Keefe has put legislative leaders on notice: "The trend in not a positive one.'' "Both tax revenues and total revenues show a declining trend from estimates,'' he advised legislative leaders in his monthly report. "Total revenues have gone from $31.3 million ahead of estimates in November ... to $13.8 million behind through March.'' While some receipts are up over 2008 and the state's critical income tax collections are "somewhat unstable at this point in the year,'' O'Keefe said, "Personal income tax withholding payments and sales tax collections are fairly reliable indicators of economic activity since they are collected monthly [and] both are behind the estimates.'' "This is the second month the revenues have been below the November revised estimates,'' he wrote. In November, the state's official revenue-estimators lowered their projections for the year by $233.6 million to $3.113 billion. This represented the amount the state expected to collect from its own sources of revenue, including taxes, fees and Lottery receipts. The latest O'Keefe report indicates the situation has deteriorated since. The revenue-estimators -- who include the three top Carcieri administration and legislative budget advisers -- are scheduled to meet again in May. Their findings will determine how much more -- or less -- the state has available to spend in the next budget year that begins on July 1 than Republican Governor Carcieri proposed in January, and whether the current-year budget repair bill passed last week went far enough to avert a major deficit this year. 
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Is anybody surprised? Let's see unemployment 10+% and the degenerates aren't gambling.
Lets raise taxes then more layoffs and lower personal income taxes...great job Smith Hill. You all should be soooo proud.
RI should be absorbed by CT and MA.
Norma Stits
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right on norma ri should be swallowed up by mass and ct.at least the boys on smith hill are eating well on the taxpayers dime.i would close up all state agencies one day a week this could save a lot of money.and get rid of these boards and commissions most are useless.small fortune would be saved that way.its time for just one democrat to stand up tell the truth and fix this mess.
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MMMMMMMMMMMMMMMMMMMM ! Let me see, $3,113 billion * (times) 10.8% (unemployment rate) = $336,204,000.00. This is still higher than the lowered estimate of $233.6 million. Guess we need the unemployeed and the underemployed spending more.
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MMMMMMMMMMMMMMMMMMMM ! Let me see, $3,113 billion * (times) 10.8% (unemployment rate) = $336,204,000.00. This is still higher than the lowered estimate of $233.6 million. Guess we need the unemployeed and the underemployed spending more.
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Will the Projo and the "talking heads" finally get it? Rhode Island is already broke and is no longer hemorahaging $1.2 million day, it's now more like $1.660 million a day! The State of Rhode Island and Providence Plantations is now BANKRUPT. Our debts and obligations are now significantly higer than our assets. To boot, the trend is further downward. Governor Carcieri, don't bother consulting the blithering incompetents who run the General Assembly, it's now time to call for a bankruptcy filing that will allow Rhode Island to restructure it's debts and obligations. Privatize all State departments except the State Police, renegotiate ALL contracts, pensions, and debt and START OVER!!!! What a disgrace!
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Will the Projo and the "talking heads" finally get it? Rhode Island is already broke and is no longer hemorahaging $1.2 million day, it's now more like $1.660 million a day! The State of Rhode Island and Providence Plantations is now BANKRUPT. Our debts and obligations are now significantly higer than our assets. To boot, the trend is further downward. Governor Carcieri, don't bother consulting the blithering incompetents who run the General Assembly, it's now time to call for a bankruptcy filing that will allow Rhode Island to restructure it's debts and obligations. Privatize all State departments except the State Police, renegotiate ALL contracts, pensions, and debt and START OVER!!!! What a disgrace!
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As small a thing as it may seem, just 1 in 3 or 1 in 4 people who live in border towns along the State lines of CT and MA will most likely cross over the line and go buy gas, smokes, groceries etc and give their money to another State even if the savings are a few dollars.
A few dollars today, a few more tomorrow and next week and the lost revenue adds up quickly.
The best way to compete with other States is to match or beat their tax bases so people will want to stay and shop here.
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I live close enough to the border that I avoid making purchases in Rhode Island at every opportunity. So do many of my friends.
Giving the state more tax money is like ridiculous when the government has not made an honest effort to cut spending. Slash the huge entitlement programs; the moochers and looters need to find another place to live. If that doesn't work for you, let them work for the state in return for the benefits they receive. At least that would help cut the state payroll.
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