Responding to a proposal from House Speaker Nicholas Mattiello to ask voters to change the state constitution to increase Rhode Island’s rainy day fund from 5 to 10 percent of general revenues over the next decade, Michael DiBiase told WPRI that a 10 percent reserve is a “responsible” goal but warned against phasing in the increase as the state recovers over the “next two or three fiscal years.” RIPEC analyzed the rainy day fund in two recent reports on the fiscal impact of COVID-19, one that focused on federal assistance and another that dug into the FY 2020 supplemental budget.