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Revenue collections ahead of estimates
Updated: Friday, 12 Mar 2010, 2:19 PM EST
Published : Friday, 12 Mar 2010, 11:51 AM EST
PROVIDENCE, R.I. (AP) - Revenue collections are outpacing estimates in Rhode Island so far in the current fiscal year.
Fiscal advisers for the House of Representatives released data this week showing that total tax revenues are nearly $18 million ahead of estimates. Sales tax revenues, typically seen as an indicator of economic activity, are $16.3 million ahead of projections, though that figure is adjusted for the impact of the federal Cash for Clunkers program.
The figures could offer a glimmer of hope for the economy, along with last week's news that the unemployment rate in January had held steady rather than get even higher.
University of Rhode Island economist Leonard Lardaro said Friday the numbers are not surprising since the economy could not stay in a "free fall" forever.
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