RIPEC President and CEO Comments on Projected Surplus

Commenting on new estimates from fiscal year (FY) 2022 showing that state general revenues in Rhode Island continue to exceed estimates, RIPEC President and CEO Michael DiBiase observed that “the governor and General Assembly could have over $400 million in extra revenues to work with” in the coming fiscal year. In its recent report on the enacted FY 2023 state budget, RIPEC commented that estimated revenues were likely overly conservative, and recommended that the state use excess revenues to increase the rainy day fund and seek to improve the state’s business tax climate.

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