The last budget crafted by former Gov. Lincoln Chafee’s administration and the General Assembly seems to be holding up fairly well, according to the latest revenue assessment by the Rhode Island Department of Revenue.
The official state bean-counters say that adjusted total general revenues are up about $61 million more than expected in the current budget year, which ends on June 30. This is good news for a state that has been slowly emerging from the recession.
The 2.6 percent increase in revenues is fueled by increases in the personal income tax and the corporate tax.
Gov. Gina Raimondo is establishing a "RI Pay Equity Tip Line" so that Rhode Islanders can report employers who violate the state law that bans gender-based wage discrimination.
The tip line, at 401-462-9243, is run by the state Department of Labor and Training. DLT is the agency that enforces labor laws and investigates wage complaints and hiring discrimination.
"In Rhode Island we want to make sure work pays," said Raimondo in a news release. "Ensuring paycheck fairness is important for women, it creates opportunities for families, and it strengthens the economy."
So here’s another report that shows just how badly the General Assembly has fumbled the 38 Studios ball. Gov. Lincoln Chafee has released a financial consultant’s report that shows that it would cost less for the state to pay off the 38 Studios bonds than to default.
The finding, by the firm SJ Advisors, states that Rhode Island’s credit rating would take a significant hit if the state walked away from the $75 million in bond obligations to those who invested retired Red Sox pitcher Curt Schilling’s folly, 38 Studios.