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.