Press Release

The Economic Progress Institute Releases Summary of Governor McKee’s Proposed Budget

Last updated: February 27, 2024

The Economic Progress Institute Releases Summary of Governor McKee’s Proposed Budget
EPI also releases 2024 legislative agenda

Monday, February 26, 2024

PROVIDENCE, RI The Economic Progress Institute released an analysis of Rhode Island Governor Dan Mckee’s proposed FY2025 budget and revised FY2024 budget. The budget analysis summarizes policy proposals and spending recommendations of particular relevance to low-income and modest-income Rhode Islanders. Governor McKee released his proposed $13.68 billion budget for FY2025 (July 1, 2023 through June 30, 2024) on January 18, as well as his revised budget for FY2024, which ends on June 30, 2024.

“For twenty-five years the Economic Progress Institute has been a leader in advocating for economic justice for low- and modest-income Rhode Islanders,” said Weayonnoh Nelson-Davies, Executive Director, Economic Progress Institute. “We will continue this tradition of excellence this legislative session as we work toward our goal of finally ending predatory lending, expanding paid family leave, centering equity, and creating a state budget that truly represents the needs of every Rhode Islander. I am looking forward to working with the Governor and leaders in the State House to create the necessary change to improve the economic well-being of Rhode Islanders.”

The EPI budget summary highlights FY2025 budget proposals that are important to the fiscal health of the state and Rhode Island residents. The analysis summarizes policy proposals and spending recommendations of particular relevance to low-income

and modest-income Rhode Islanders and the advancement of their economic opportunity included in the Governor’s proposed FY2025 budget. Until the Governor and the General Assembly negotiate a final budget, Rhode Islanders will have opportunities to provide testimony and other input into the shaping of the annual budget. Highlights in the analysis include Basic Needs, Housing, Child Care, Education (Pre-K through higher education), Workforce Development, Health Care, Economic Development, and Revenue & Taxation.

“The Governor’s proposed budget makes important investments in multi-language learning, housing, and education,” said Alan Krinsky, Research and Fiscal Policy Director for The Economic Progress Institute. “With the end of federal rescue plan money, there is a need to create sustainable and equitable revenue sources. EPI will participate in the budget debate this spring by advocating for a millionaires tax to fund critical programs that create opportunity and prosperity, like child care assistance and RIPTA.”

The Economic Progress Institute also released their legislative agenda for 2024. The agenda lists EPIs legislative priorities, bill numbers, bill sponsors, and the coalitions leading the advocacy work. The legislative agenda is broken down into the categories of Economic Opportunity; Children and Health Care; Lifting Rhode Islanders Out of Deep Poverty; Rhode Island Budget, Revenue & Tax Fairness; and Race, Equity & Democracy.

“This legislative agenda focuses on meeting the needs of Rhode Islanders and their families from the cradle through retirement,” said Nina Harrison, Policy Director, Economic Progress Institute. "Rhode Islanders and the RI economy require affordable child care, accessible healthcare, robust worker protections, and an equitable state budget in order to thrive. I look forward to working with the General Assembly to make our dreams for Rhode Island's future a reality.”

The Economic Progress Institute is a non-partisan research and policy organization that works to ensure the economic security of low- and modest-income Rhode Islanders. To learn more about The Economic Progress Institute, visit economicprogressri.org.

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