RI revenue estimates climb by $359M. Here's where the money is coming from.

Rainy days may come for Rhode Island's state budget — but they are not here yet.

In fact, the state balance sheet continues to bulge, according to government fiscal analysts with this year's revenues now projected to come in $359 million higher than lawmakers budgeted in June.

That means when Gov. Dan McKee proposes his next state budget in January, he won't have to reign in state spending and can continue to put money into his top priorities if he chooses.

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How much more money is RI expected to bring in this year, exactly?

Rhode Island is now expected to bring in $5.3 billion in the year ending June 30, 2023, according to the Revenue Estimating Conference that ended Thursday night. That's up from the $4.9 billion estimate made in May that was incorporated in the $13.6 billion state budget passed in June.

Analysts projected stronger collections in most of the state's major tax categories.

Personal income tax collections were revised up $135 million, sales tax collections up $66 million, corporate tax up $37 million, estate tax up $16.5 million, insurance premiums tax up $9 million and public utilities tax up $10 million.

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Departmental receipts, a catchall for revenues ranging from licensing fees to court settlements and tax penalties was revised up $30 million.

And lottery profits are now expected to be $31 million higher than expected.

This article originally appeared on The Providence Journal: Rhode Island revenue estimates climb by $359 million to $5.3 billon