State Finance

Rhode Island Facing Over $500 Million Potential Deficit For Next Fiscal Year

PROVIDENCE, R.I. – Rhode Island is facing a $513.7 million budget deficit in FY 2022 if expenditures continue to grow as projected and one-time federal funding is no longer available to plug state general revenue expenditures, based on an analysis by the Rhode Island Public Expenditure Council. The so-called “skinny” FY 2021 state budget enacted …

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Rhode Island Ranks 37th in 2021 Business Tax Climate Index

PROVIDENCE, R.I. – An analysis of the 2021 Business Tax Climate Index by the Rhode Island Public Expenditure Council shows a modest increase in Rhode Island’s ranking to 37th in the nation. The 50-state ranking shows Rhode Island improving two spots over its 2020 rank. The Index also shows Rhode Island ahead of its neighbor, Connecticut …

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Key Questions Remain in Proposal to Shore Up Flagging RIte Share Program

PROVIDENCE, RI – A Rhode Island Public Expenditure Council policy brief released today finds that elements of the administration’s plan to bolster the state’s flagging RIte Share program may require greater consideration. Through the RIte Share program, the state covers out-of-pocket expenses on employer-sponsored health insurance for Medicaid-eligible employees and their families. The policy brief breaks …

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May 2020 Consensus Revenue Estimating Conference Points to Slow Recovery of State Revenues

PROVIDENCE, RI – A new Rhode Island Public Expenditure Council report warns that Rhode Island may experience a long-term shortfall in general revenues and finds that while the state recovered all the jobs lost during the Great Recessions several years ago, its inflation-adjusted general revenue levels had yet to recover, before the pandemic. The report, “Rhode …

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Assembly Relies on Rainy Day Fund, Federal Pandemic Funding to Balance FY 2020 Supplemental Budget

PROVIDENCE, RI – A new Rhode Island Public Expenditure Council report released today examines the measures taken by the Rhode Island General Assembly to pass a balanced supplemental budget for fiscal year (FY) 2020, which ended June 30, 2020. Specifically, the report looks at how the legislature solved for a general revenue deficit caused by …

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Unemployment Trust Fund Solvency Threatened, Rate Hikes Likely; TDI Stable but Rates Hikes Likely

PROVIDENCE, RI – A new Rhode Island Public Expenditure Council report released today finds that, because of the economic crisis resulting from the COVID-19 pandemic, Rhode Island’s unemployment insurance (UI) trust fund is projected to be insolvent by the end of September. As a result, employers are likely to pay significantly more in federal and state …

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RI Faces Severe Budget Challenges From COVID-19 Crisis Without More Federal Aid

PROVIDENCE, R.I. (April 2020) – A new Rhode Island Public Expenditure Council report released today finds that unless more federal assistance is provided, the State of Rhode Island will likely have severe budget challenges as a result of the economic fallout connected with the COVID-19 public health emergency. The report, “The COVID-19 Economic Crisis: Federal Assistance …

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How Rhode Island Expenditures Compare: 2019 Edition

PROVIDENCE, R.I. (December 2019) – Today RIPEC released its annual report, How Rhode Island Expenditures Compare: 2019 Edition, which provides details on state and local government expenditures in fiscal year (FY) 2017, the most recent year for which national data are available. Using data released by the United States Census Bureau, the publication compares Rhode Island’s …

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How Rhode Island Revenues Compare: 2019 Edition

PROVIDENCE R.I. (December 2019) – Today RIPEC released its annual report, How Rhode Island Revenues Compare: 2019 Edition, which provides details on state and local government revenue sources from Fiscal Year (FY) 2017, the most recent year for which data are available. The publication compares Rhode Island’s fiscal system with those of the other 49 states …

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RIPEC Releases Government Finance Volume in Rhode Island in Context Series

PROVIDENCE R.I. (September 2019) – Today, the Rhode Island Public Expenditure Council released the first of three volumes that comprise “Rhode Island in Context: Regional and Historic Trends,” 2019 Edition. “Volume I: Government Finance”.  “Rhode Island in Context” provides summaries and analyses of the most current national, regional, and state data that measure the Ocean State’s …

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