Global Courant
The Rhode Island Senate on Thursday approved a $14 billion budget proposal for fiscal year 2024 beginning July 1, a week after the House also approved the spending plan.
The bill directs spending toward the housing crisis, supports business development and makes education funding more equitable while limiting the use of one-time revenues to one-time expenses, lawmakers said.
The budget will now go to Democratic Gov. Dan McKee, who will sign the budget Friday at noon on the south steps of the Statehouse.
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“Today we are adopting a responsible, balanced budget that helps Rhode Islanders now and positions our state for strong fiscal health going forward,” said Louis P. DiPalma, chairman of the Senate Finance Committee.
DiPalma said the budget helps small businesses, maintains and expands important early childhood programs and supports a variety of initiatives to address the state’s housing crisis while protecting the state’s Rainy Day Fund.
The Rhode Island State Capitol in Providence is shown October 20, 2022. The state senate recently approved a budget of $14 billion for fiscal year 2024. (Visions of America/Joseph Sohm/Universal Images Group via Getty Images)
Lawmakers added $39 million to the original proposal to address the state’s housing crisis, including $4 million for transit-oriented development and $4.3 million to support infrastructure needed for housing construction, such as road and utility connections.
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The house plan included a tax credit program for low-income housing. The program would give developers a tax incentive to expand subsidized housing options for low-income households.
Lawmakers have not included a proposal introduced into the governor’s housing amendments authorizing eminent domain powers for the Department of Housing.
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An amendment added when the House passed the bill last week added $7 million for early childhood programs from unspent federal funds.
“This budget has been carefully crafted so that our residents, especially our most vulnerable, maintain the support and assistance they and their families need, so that our businesses have the opportunity and opportunity to grow, and so that Rhode Island can withstand a very possible financial downturn that will affect both our state and national economies,” House Finance Committee Chairman Marvin Abney said in a written statement.
