McKee introduces fiscal year 2025 budget
PROVIDENCE, R.I. (WLNE) — Governor Dan McKee will deliver the fiscal address at the Rhode Island State House on Thursday night.
Gov. McKee expressed his budget proposal as a “game plan for Team Rhode Island” as it will progress in the year ahead.
The governor said his three main goals outlined for Rhode Island residents over the next decade will be raising incomes for all families, increasing education, and improving health outcomes.
Furthermore, McKee said that the federal money accumulated over his previous three-years as governor will continue to help aid in the building of affordable housing, supporting small businesses, nursing homes, job training, and assisting industries that were hit hard by the pandemic.
The governor stated that Rhode Island has been able to avoid a recession and our revenue growth continues to be stable with previously strategic planning.
However, the state faces a modest deficit in Fiscal Year 2025, which has reportedly been able to close without any broad-based tax increases.
As part of the budget, McKee requests $345 million in general obligation bonds to be placed on the 2024 elections ballot to make long-term infrastructure improvements for higher education, housing, and the environment.
He is also requesting an additional $5 million in State Fiscal Recovery Funds to expand Rhode Island Department of Transportation Municipal Road & Bridge Fund Program.
If the May Revenue and Caseload Estimating Conferences indicate an improved fiscal outlook, Gov. McKee will explore the following initiatives:
- Providing sales tax relief
- Reducing the time to implement the Medicaid rate increases from three years to two years
- Supplementing educational investments to improve outcomes in the budget proposal
- Establishing a sustainable funding source to support homelessness initiatives
- Investing in electric vehicle rebates
The governor expressed his gratitude in collaborating with the General Assembly and other stakeholders on finalizing the Fiscal Year 2025 budget.
McKee stated, “I am pleased that my administration has been able to close the deficit without raising any broad-based taxes while at the same time finding ways to continue existing investments and start new ones that make a real difference in the lives of everyone on Team Rhode Island.”
McKee further shared, “When I became Governor, I believed that Rhode Island could be better than just a good team. I knew we could be one of the very best. Over the last three years, we’ve risen to that challenge. We’ve shown that it’s our turn -that we can compete, that we will compete and that if we work together, all we can do is succeed.”
“In 2024, Team Rhode Island will continue using our skills to make our state one of the very best in the nation. We will use our resources to put people to work in good-paying jobs on projects that will pay dividends for decades to come,” he noted.
Speaker Joe Shekarchi stated, “Now that Governor McKee has submitted the budget, our robust review process will begin. Chairman Marvin Abney and the House Finance Committee will soon commence the public hearing process and we look forward to working collaboratively with the Senate and Governor McKee over the next several months. With the federal pandemic funds having been allocated, we must live within our means and carefully scrutinize all spending requests.”
President of the Senate Dominick Ruggerio also made a statement, “Over the next several months, Chairman Lou DiPalma and the Senate Finance Committee will conduct a rigorous review of all aspects of the proposed budget through their public hearing process.”
He continued, “At this early stage, I am pleased that the budget proposal reflects some of the Senate’s top priorities, including moving our state towards universal public pre-kindergarten, increasing funding for multilanguage learners, increasing access to no-cost meals for students, fully funding recommended reimbursement levels for Early Intervention and increasing Medicaid rates. The Senate will continue working with all partners and stakeholders to adopt a budget that meets the needs of all Rhode Islanders.”
