The Rhode Island Public Expenditure Council has released a report examining trends in property values over the last three decades. Some of the RIPEC findings are disturbing, though not unexpected.
As a state, Rhode Island remains far too dependent upon residential property taxes. Also, the state has not kept pace with cities and towns in terms of how much money it allocates for aid to public education.
These are significant points. A shift in both population and wealth, according to RIPEC, creates "the growing discrepancy in resources available for public education, which can impede equal opportunity towards educational achievement."
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In more simplified terms, that suggests that Rhode Island continues to ignore the need for a real urban agenda – a set of policies that reach out to all cities and towns.
By allowing a chasm to develop, we are impeding the potential of our future work force. Rhode Island, is in essence, narrowing the playing field from which our companies will recruit their employees of tomorrow.
RIPEC offers several recommendations in its report that would begin to address these concerns. Among them, are the following:
Attract and retain homeownership and residential redevelopment in urban Rhode Island. RIPEC suggests that the state establish an urban housing investment tax credit. This should stimulate investment in urban areas for both homeownership and the improvement of rental properties. RIPEC also suggests the establishment of an urban vacant land initiative. In short, there is far too much vacant land in Rhode Island and it serves only to drain our economic base.
Enhance urban economic competitiveness. RIPEC suggests the creation of an urban reinvestment trust fund. Such a fund, according to RIPEC, would support and spur private-sector investments in urban communities, with public funds directly linked to private-sector economic development initiatives. RIPEC also strongly supports the continuation of efforts to improve Brownfield remediation efforts.
This latest RIPEC report makes very clear that there is a connection between an effective urban agenda and economic development.
It’s time for the state to recognize this and as RIPEC suggests – aggressively pursue an urban agenda.
Higher education
deserves better
The House Finance Committee’s state budget proposal, which includes $5 million less in funding for higher education — $12 million less than Gov. Lincoln Almond had proposed and $19 million less than the Board of Governors for Higher Education had requested – is short-sighted.
Board of Governors for Higher Education Commissioner William R. Holland rightly points out that there remains a disconnect in terms of our state government recognizing the direct impact our colleges and universities have on our economy.
There are an abundant number of ways to measure the connection between these institutions of higher learning and our economy.
Here’s one. Graduates of the Community College of Rhode Island, Rhode Island College and the University of Rhode Island occupy top managerial positions in 33 of the 50 fastest growing companies identified by the Providence Business News 2001 Book of Lists.
Another example of that connection surfaced during the keynote address at the Rhode Island Technology Council’s annual dinner, held earlier this month.
Robert Petrocelli, president and chief executive officer of Heartlab Cardiac Solutions, the Westerly software company that counts some of the world’s leading tertiary hospitals among its clients, made a direct plea for state leaders to expand their commitment to Rhode Island’s colleges and universities. Five out of his company’s first six employees, he said, were products of Rhode Island institutions of higher learning.
Our colleges and university deserve better treatment from our legislature.
And so does our economy.
