Rhode Island revenue collections increased 2.2% over that of the previous fiscal year, the state’s Department of Revenue said in a special report on preliminary fiscal 2011 revenues.
While total general revenue rose nearly $66 million over last year, to $3.083 billion, the new figure falls $8.1 million short of the final enacted budget estimate of growth from fiscal 2010 to 2011.
All three major rating agencies rate Rhode Island’s general obligation bonds double-A. The state has been under the spotlight since Central Falls filed for Chapter 9 bankruptcy protection on Aug. 1. Downgrades and credit-watch warnings of some cities, towns and conduit issuers have followed.
