Friends,
In recent sessions, we have passed responsible, balanced budgets that address our current needs while keeping our long-term fiscal outlook in strong focus. Our commitment to this approach remains unchanged in 2024, and as we resume our work on behalf of Rhode Islanders, continuing to ensure our state’s financial health – today and in the years ahead – will be essential.
Thanks to what we have accomplished together, Rhode Island is on firm footing. In 2023, we allocated $55 million toward a new, supplemental “rainy day” fund, with the intention of making sure Rhode Island is prepared for any economic conditions ahead. Even more importantly, we required that half of all general revenue surpluses will be directed toward this supplemental fund going forward. Additionally, in 2022, we directed $61.8 million in general revenues to the state pension fund, saving millions of dollars in future years.
Equally important has been our steadfast focus on devoting historic, one-time federal funding toward transformative, one-time investments in Rhode Island’s future. From housing and public health to climate action and workforce development, we have appropriately utilized pandemic-related resources in ways that will benefit our state for decades to come – all while avoiding new long-term financial obligations.
This week, we celebrated an important milestone for one of these investments. Neil D. Steinberg, former President and CEO of the Rhode Island Foundation, received the Senate’s advice and consent for his newest role – Chair of the Life Science Hub of Rhode Island. This $45 million investment, funded through American Rescue Plan Act (ARPA) funding, will marshal our state’s talent and resources to foster the growth of the life science industry here in the Ocean State, with the goal of becoming a national leader. The potential benefits are immense – and Mr. Steinberg is uniquely positioned to lead this endeavor.
We look forward to Governor McKee’s State of the State Address just days from now, and soon, our Finance Committee will begin its important work in reviewing the FY25 budget. Meeting today’s needs while planning for the future can require tough choices, but thanks to our work together, we are prepared for whatever challenges we face.
Sincerely, Donny, Ryan, and Val