Rhode Island
What slowdown? RI revenues revised up $80M despite recession fears.
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The Republic
Despite concern that the national economy is at risk of a recession, Rhode Island revenue collections have been revised up nearly $80 million for this year and next, according to new projections from state fiscal analysts.
The latest projections, released Friday, May 9, show state revenue for the year ending June exceeding expectations by $60.7 million.
And they predict revenue in the fiscal year starting July 1 to be $19.3 million higher than they expected last November.
The rosier-than-expected revenue forecast will take some pressure off House Democratic leaders writing a state budget for next year by eating into what had been a projected $250 million budget deficit.
Legislative leaders take a conservative stance
Despite state revenues continuing to climb, General Assembly leaders remained downbeat, at least in part to discourage their members from demanding lots of new state spending.
“The revenue results preview the effects of the weakening U.S. economy linked to turmoil in Washington, D.C., House Speaker K. Joseph Shekarchi said in an email. “Any short-term positive news is overshadowed by the magnitude of that uncertainty and the many related or unsolved budget issues.”
New Senate President Valarie Lawson and Senate Finance Committee Chairman Louis DiPalma said: “While we are pleased that revenue and caseload estimates remain relatively stable compared to the estimates made in November, we are experiencing a more challenging budget, and more difficult choices, than in recent years.”
Tax revenues climbing, with one exception
The new numbers from the twice-a-year Revenue Estimating Conference expect current-year revenue to reach $5.6 billion on increases in personal income tax, corporate tax, utility tax, insurance premium tax, cigarette tax, alcohol tax, estate tax and lottery profit. The major exception to the upward tax revisions was sales tax, which is now expected to come in $22 million short of the November estimate.
At the end of April, economists from Moody’s Analytics told the Revenue Estimating Conference that they expect the economy to slow in the years ahead and unemployment to rise, but stopped short of predicting recession.
Looking forward to next year, the revenue estimators predict collections of $5.7 billion on a modest increase in personal income tax, insurance tax and lottery collections. They expect sales tax to continue to slide back next year.
The Rhode Island Blood Center is asking for donations after the fatal shooting at Brown University on Saturday.
Several donor centers have extended hours available as they respond to the emergency.
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Anyone interested can sign up for an appointment on the organization’s website.
PROVIDENCE — The Rhode Island Blood Center’s blood supply was low before Saturday’s mass shooting at Brown University, and it is immediately stepping up blood drives to meet the need, an official said Sunday.
“We were definitely dealing with some issues with inventory going into the incident,” Executive Director of Blood Operations Nicole Pineault said.
The supply was especially low for Type 0 positive and negative, which are often needed for mass casualty incidents, she said. Type 0 negative is considered the “universal” red blood donor, because it can be safely given to patients of any blood type.
Pineault attributed the low supply to weather, illness, and the lingering effects of the pandemic. With more people working from home, blood drives at office buildings are smaller, and young people — including college students — are not donating blood at the same rate as they did in the past, she said.
“There are a lot challenges,” she said.
But people can help by donating blood this week, Pineault said, suggesting they go to ribc.org or contact the Rhode Island Blood Center at (401) 453-8383 or (800) 283-8385.
The donor room at 405 Promenade St. in Providence is open seven days a week, Pineault said. Blood drives were already scheduled for this week at South Street Landing in Providence and at Brown Physicians, and the blood center is looking to add more blood drives in the Providence area this week, she said.
“It breaks my heart,” Pineault said of the shooting. “It’s a terrible tragedy. We run blood dives regularly on the Brown campus. Our heart goes out to all of the victims and the staff. We want to work with them to get the victims what they need.”
She said she cannot recall a similar mass shooting in Rhode Island.
“In moments of tragedy, it’s a reminder to the community how important the blood supply really is,” Pineault said. “It’s an easy way to give back, to help your neighbors, and be ready in unfortunate situations like this.”
The Rhode Island Blood Center has donor centers in Providence, Warwick, Middletown, Narragansett, and Woonsocket, and it has mobile blood drives, she noted.
On Sunday, the center’s website said “Donors urgently needed. Hours extended at some donor centers, 12/14.”
Edward Fitzpatrick can be reached at edward.fitzpatrick@globe.com. Follow him @FitzProv.
Authorities said two people were killed and eight more were injured in a mass shooting at Brown University, an Ivy League school in Rhode Island. Authorities said students were on campus for the second day of final exams.
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