Gov. Daniel J. McKee on June 17 signed into law a $13.9 billion fiscal 2025 state budget that begins July 1.
The budget reflects a $271 million increase over McKee’s proposal unveiled in January and a 46% increase in spending over fiscal 2019.
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The plan includes full funding of $160 million for Medicaid reimbursement rate increases that McKee had proposed addressing with a three-year phase-in. It boosts funding for public education and health and human services.
It also implements changes to the state pension system by giving cost-of-living increases to beneficiaries who retired before 2012 and reduces the percentage threshold for all other beneficiaries. It also raises the pay retired educators can earn without losing benefits from $18,000 a year to $25,000.
The budget includes $2.6 million to address businesses impacted by the closure of the Washington Bridge and increases funding to the R.I. Public Transit Authority by $5 million over McKee’s proposal.
There is $84 million toward the replacement of the bridge, now estimated to be roughly $400 million.
The General Assembly also authorized several bond questions to be put before voters on the November ballot, including a $120 million housing bond, the largest in state history.
There is an $87 million education facilities bond to build a Biomedical Sciences Building at the University of Rhode Island and a $73 million question to pay for the new Institute for Cybersecurity and Emerging Technologies at Rhode Island College.
There is also a $10 million arts bond for cultural facilities; and voters will decide on a $13 million “green bond” managed by the R.I. Department of Environmental Management.
