Rhode Island has seen an impressive surge in revenue for the month of May, with a record-breaking amount of money pouring into the state’s coffers. The Rhode Island Department of Revenue reported that total state revenue for the month of May reached $458 million, marking a 15% increase from the same period last year.
The increase in revenue was driven by higher-than-expected collections in personal income tax, sales tax, and lottery revenue. Personal income tax collections were particularly strong, exceeding projections by $25 million. Sales tax revenue also saw a significant increase, with collections coming in $15 million above expectations. Rhode Island Lottery reported record sales, contributing an additional $10 million in revenue for the month.
The surge in revenue comes as a welcome surprise for state officials, who had been bracing for a fiscal shortfall due to the economic downturn caused by the COVID-19 pandemic. The unexpected boost in revenue has allowed the state to bolster its reserves and alleviate some of the financial strain brought on by the pandemic.
Governor Gina Raimondo hailed the impressive revenue numbers as a sign of Rhode Island’s strong economic recovery. “This surge in revenue is a testament to the resilience and perseverance of Rhode Islanders in the face of unprecedented challenges,” she said in a statement. “It’s clear that our state is on the path to recovery, and we will continue to work tirelessly to support our residents and businesses as we emerge from this crisis.”
The state’s strong revenue numbers have also prompted discussions about how the additional funds should be allocated. Some lawmakers have called for the money to be used to fund economic stimulus programs, provide relief for small businesses, and support essential services like education and healthcare.
Overall, the impressive May revenue in Rhode Island has provided a much-needed boost to the state’s finances and offered hope for a swift and robust economic recovery in the months to come. With prudent fiscal management and continued support for businesses and residents, Rhode Island appears to be on track for a strong and sustainable future.
