PROVIDENCE, R.I. -- Despite some indications that Rhode Island's economy is improving, state officials predicted Friday that revenues will be lower than expected over the next 14 months, missing earlier targets by more than $50 million.
The numbers, announced at a Revenue and Caseload Estimating Conference that meets twice a year to monitor current trends, suggest that officials have become more cautious about the state's economic health and how much revenue they can expect from key sources such as the personal income tax and the sales tax.
For the budget year that ends June 30, a team of officials from the state budget office and the House and Senate fiscal offices are predicting a drop of $4.9 million. For the following year, they are predicting a drop of $51.1 million.