- Associated Press - Wednesday, May 18, 2016

PROVIDENCE, R.I. (AP) - A report by the state budget officer says an increase in tax revenue has put Rhode Island on track to finish the budget year with a surplus.

WPRI-TV reports (https://bit.ly/1TZqlXm ) the report issued Monday by Tom Mullaney says the state is on pace to finish this fiscal year with a surplus of $121 million when the books close June 30. That’s more than double the surplus it expected six months ago.

Rising tax receipts have been a key driver of the surplus. Total general revenue is now expected to come in at $3.6 billion. That’s about $91 million higher than lawmakers expected when they finalized the $8.67 billion budget.

Mullaney says the surplus would have been bigger if several agencies weren’t on track to overspend by a combined $16 million.

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Information from: WPRI-TV, https://www.wpri.com

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