PROVIDENCE, RI – The House and Senate Finance committees Tuesday unanimously approved a bill to give East Providence its state education aid early.
A state-imposed budget commission is overseeing East Providence because of a seven million dollar budget deficit in the city's budget. Commission chairman Michael O'Keefe says an early injection of state aid means that for East Providence . . .
"We don't have a problem again til May," O'Keefe says. "That buys us all half of January, February, March, April to work that problem down to a small enough problem that we either don't have to do any additional borrowing or we can get into the capital market."
The bill would give state-appointed budget commissions the authority to determine if other communities need their education aid early. State revenue director Rosemary Booth Gallogly says she doesn't expect that to happen often. The legislation could hit the House floor as soon as Thursday.
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