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Better Than Expected State Revenues Boost Surplus

Published
Rhode Island lawmakers have a little more cash to work with as they consider revisions to the almost $9 billion state budget unveiled by Governor Gina...

Rhode Island lawmakers have a little more cash to work with as they consider revisions to the almost $9 billion state budget unveiled by Governor Gina Raimondo in February.

State revenue is running about $39 million ahead of what was expected last November, according to a new report by the state Office of Management and Budget. That means the state is poised to close the current fiscal year with a surplus of just under $121 million.

But most of that money has already been spoken for -- in the spending plan proposed by Raimondo earlier this year.

At that time, the governor said better than expected revenues should go to boost education spending, reduce the state structural deficit, and increase an expansion of the earned-income tax credit for low-income workers, among other uses.

In a statement, House Speaker Nicholas Mattiello said, “Obviously I am happy we have a little more revenue to work with as we try to close the budget gap. This will actually be a very small change considering the size of the budget and the many challenging issues and competing priorities.  However, it does reflect that our economy continues on the right path.”

Lawmakers are expected to vote on their revised version of the governor's budget in early June.

State lawmakers are expected to vote on the next budget early next month.
State lawmakers are expected to vote on the next budget early next month.