Rhode Island

Rhode Island

Budget Cycle
Annual 
 

Governor Submits Budget
January (3rd Thursday)

Fiscal Year Begins
July 1 

Governor Signs Budget 
June

Budget Links

FY2023 (enacted)
FY2023 (proposed)
FY2022 (enacted)
FY2021 (enacted)
FY2020 (enacted)
FY2019 (enacted)
FY2018 (enacted)

Proposed Budget - Fiscal Year 2023

On January 20, Rhode Island Governor Daniel McKee released his proposed fiscal 2023 budget totaling $12.8 billion in all funds, a decrease of $295.8 million, or 2.3 percent, compared to the fiscal 2022 enacted level. Of this total, $4.7 billion is from general revenue, reflecting a 4 percent increase over the fiscal 2022 enacted level. The proposed budget includes $618.4 million from a projected fiscal 2022 surplus that has been targeted for one-time investments in the revised fiscal 2022 and fiscal 2023 recommended budget. The governor’s recommended budget is based on estimated general revenue of $4.75 billion in fiscal 2023. Annual estimated revenue growth in fiscal 2023 is 1.3 percent over fiscal 2022 revised levels.  The budget includes three initiatives for bond measures totaling $350 million to be placed on the November 2022 ballot for K-12 school construction, higher education, and a green economy bond.


Proposed Budget Highlights 

The fiscal 2023 recommended budget is focused on small business, climate action, and local and education aid. Funding recommendations include: 

  • Fully funds the car tax phase-out – $166.6 million in relief with no revenue loss to cities and towns.
  • Fully funds the education aid funding formula including a transition fund and ensures districts do not receive a reduction in funds regardless of enrollment shifts.
  • Actions on climate include establishing an annual, dedicated funding source to be used for any program or investment (e.g., energy efficiency, renewable energy, clean transportation, clean heating, energy storage, etc.) that supports the reduction of greenhouse gases.
  • Includes initiatives to improve conditions for small businesses.
  • Phases out the taxation of military service pensions over five years.

 

The governor proposed allocating $1.3 billion in State Fiscal Recovery Funds from ARPA in the following categories:

  • Housing - $250 million
  • Economic and Workforce Development - $212 million
  • Aid to Small Business and Impacted Industry - $181 million
  • Public Health - $152 million
  • Climate - $132 million
  • Children Families and Education - $119 million
  • Behavioral Health - $42.4 million
  • Public Infrastructure and Technology - $26.5 million
  • Administrative Costs - $17 million