Rhode Island continues to face worsening budget deficits for the next five years. That’s according to new information from the state budget office. The red ink could cause cutbacks in government programs.
The budget office says lawmakers face a $150 million deficit for the fiscal year starting in July 2014. As it stands, the budget hole is set to keep growing,until it tops $400 million for fiscal 2018.
The budget enacted by the General Assembly in June made some relatively minor reductions in the state’s long-term deficits.
The Young Democrats of Rhode Island are slapping the older Democrats in their party who run the Statehouse. In a statement, the Young Democrats take issue with the proposed state budget for the fiscal year that begins July 1 that won House Finance Committee approval.
While the group ``commended’’ the Assembly for adding money for the state’s school funding formula and restoring funding for developmentally disabled citizens, the Young Democrats skewered other budget priorities.
The outlook for Rhode Island’s next state budget will come into sharper view when the latest revenue data is discussed this morning.
The annual revenue estimating conference takes place twice a year, in November and May. It’s when legislative staffers offer their estimates of state revenues, based on taxes and other sources of income.
The latest revenue estimates are then used by the General Assembly when it makes revisions to the governor’s proposed budget for the fiscal year starting July first.