EXCLUSIVE: Mattiello Tells GoLocal Revenue Numbers Up $130M Above Projections

EXCLUSIVE: Mattiello Tells GoLocal Revenue Numbers Up $130M Above Projections

Speaker of the House Nick Mattiello fresh out of the revenue estimating conference tells GoLocalProv’s New Editor Kate Nagle that Rhode Island will receive a windfall of about $130 million more in state revenue above what was previous estimates. The increased revenue will reduce, but not close the gap of the estimated $250 budget shortfall.

Mattiello said that the $130 million increase in revenue helps the short-term problem as the increase in revenue is estimated to be $75 million over projections for FY18 and $59 million over projections for FY19.

On the downside, Mattiello said the recent decision by the administration of Gina Raimondo to give $30 million in raises — after the budget was proposed — adds to the complexity of the budget.

Mattiello said of the $130 million, $40 million can be attributed to the new federal tax reform pushed through by President Donald Trump. Although warned that those gains maybe one-time gains.

Mattiello told Nagle on GoLocal LIVE that Raimondo’s cuts to the developmentally disabled are likely to be restored — an amount totaling $18 million.

“It will be a pro-business budget,” said Mattiello.

 

DEVELOPING