Revenues $28 million short of projections

Members of the Economic Forum were told on Thursday less than half way through Fiscal 2016, General Fund revenues are $27.8 million below the forecast used to build the state budget.Fully half of that deficit is in the Cigarette Tax category.LCB Economist Russ Guindon told the panel legislation raising the cigarette tax from 80-cents a pack to $1.80 per pack took effect in July last year. He said a large number of wholesalers bought large numbers of cigarette stamps in May and June before the i