Rhode Island Revenue Forecast Rises $109M Amid Medicaid Cut Worries
Rhode Island's biannual Revenue and Caseload Estimating Conference projected $108.7 million more in general revenue for the current fiscal year than spring estimates, driven largely by higher sales tax and business tax collections. Gov.-elect Helena Buonanno Foulkes, who will unveil her first budget in January, said the fiscal 2028 process will still be challenging despite the increase. Senate President Valarie Lawson and House Speaker Christopher Blazejewski cited federal policy changes, including Medicaid cuts under H.R. 1, which accounts for one-third of the state's $15 billion budget, as an ongoing fiscal risk. The House fiscal office had previously projected a $240 million deficit in fiscal 2028, growing to $540 million by fiscal 2031. Analysts will revise projections again in May.