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Rhode Island state budget (2008-2009)
| Note: This article was last updated in 2009. Click here for more recent information on state budgets and finances. |
Rhode Island was facing a $370 million deficit for fiscal year 2009.[1] For fiscal year 2010 the Center on Budget and Policy Priorities estimated a budget gap of $450 million.[2] In December 2008, Rhode Island's unemployment rate reached 10 percent, the highest rate since 1975.[3]
Budget background
- See also: Rhode Island state budget and finances
Rhode Island's fiscal year begins July 1 and ends June 30 of the following year. According to the state Constitution, every year the governor must present a spending recommendation to the legislature. However, prior to the governor's presentation to the legislature on the third Thursday in January, the governor reviews individual agency requests along with past and present expenditure and revenue data. Both the Senate and the House use the following months to make necessary adjustments to the proposed budget bill. Once both houses approve a final budget, the bill returns to the governor, who may veto legislative appropriations. The legislature may override any veto by a two-thirds majority vote.[4]
- The proposed FY 2010 budget was estimated to raise the state budget for the year by $304.1 million to $7.2 billion.[5]
Budget figures
The following table provides a history of Rhode Island's expenditures and gross domestic product (GDP).
| Fiscal year | Expenditures (billions) | GDP (billions) |
|---|---|---|
| 2000 | $6.4[6] | $33.6[6] |
| 2001 | $7.2[6] | $35.1[6] |
| 2002 | $7.9[6] | $36.9[6] |
| 2003 | $8.4[6] | $39.4[6] |
| 2004 | $8.9[6] | $42.1[6] |
| 2005 | $9.2[6] | $43.1[6] |
| 2006 | $9.6[6] | $45.7[6] |
| 2007 | $10.1[6] | $46.9[6] |
| 2008 | $10.5[6] | $48.1[6] |
| 2009 | $11.0*[6] | $49.3*[6] |
- NOTE: The figures for FY 2009 had not been finalized at the time this data was compiled.
See also
Footnotes
- ↑ Associated Press, "Cigarette, fuel tax hikes in RI budget plan," March 28, 2009
- ↑ Center on Budget and Policy Priorities, "State budget troubles worsen," March 13, 2009
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedRIUnemployment - ↑ State of Rhode Island, "Budget process primer," accessed April 19,2009 (dead link)
- ↑ The Providence Journal, "R.I. House Finance panel OKs its own plan to fill state budget holes," March 28,2009
- ↑ 6.00 6.01 6.02 6.03 6.04 6.05 6.06 6.07 6.08 6.09 6.10 6.11 6.12 6.13 6.14 6.15 6.16 6.17 6.18 6.19 US Government Spending, "Rhode Island State and Local spending," accessed April 15,2009
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