The General Assembly has begun hearings on Gov. Gina M. Raimondo’s proposed $8.63 billion budget for fiscal 2016. Her office describes it as a “forward-looking, balanced budget proposal rooted in the belief that every hardworking person deserves the chance to make it in Rhode Island.”
The budget plan, which is aimed at building skills, attracting entrepreneurs and investment and fostering innovation, offers significant investments in growth and no broad-based tax increases. It also closes an inherited $190 million deficit.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
Job creation is a top priority, essential in a state with one of the nation’s highest unemployment rates. According to the governor, Rhode Island gradually replaced many middle-class jobs that vanished during the Great Recession with low-wage jobs. Raimondo’s proposal was lauded by pro-government groups and many business organizations, but garnered less support from hospitals and nursing homes, which face $88 million in proposed cuts to Medicaid costs. Tourism groups also reacted negatively, as Raimondo’s proposal includes plans to consolidate tourism spending, which means less money for local tourism agencies and more for a statewide effort.
Among the key proposals contained in the budget:
For “building skills,” the budget proposes:
The governor also earmarked $44.5 million for an “economic-development initiatives fund” to be overseen by the new Office of the Secretary of Commerce. The funds would be made available by restructuring the state’s general-obligation bond debt. This would enable the state to defer some principal bond payments and save money by tapping current low-interest rates.
Other commerce-related initiatives:
