Raimondo budget plan targets innovation and education

PROVIDENCE – Gov. Gina M. Raimondo last week released a nearly $9 billion budget plan that targets increased state investment in education and workforce preparation, as well as economic-development initiatives.

The fiscal 2017 budget proposal takes advantage of increasing state revenue, largely driven by an improving economy, and would attempt to lessen the tax burden on businesses by reducing the schedule of rates paid by employers for unemployment insurance. The savings is estimated to be $30 million.

The proposed budget recommends $3.7 billion in general revenue spending, an increase of $100.3 million, or 2.8 percent. The General Assembly will now take up the spending plan.

Among the highlights of her plan:

- Advertisement -

n Encourage innovation and collaboration among universities and private employers through a $20 million competition that would create new innovation centers, which could be located anywhere in Rhode Island.

n Last year, the state created the Wavemaker fellowship to help repay student loans for college graduates who stay in Rhode Island. Raimondo proposes expanding that program, “so that anyone who graduates from a Rhode Island university – with a B+ average in a science or technology field – and who stays in Rhode Island in a STEAM job – will get help paying back their student loans.” •

No posts to display