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Governor recommends one-year pause on supplemental rainy day and pension transfers; unions oppose
Summary
The administration told the House Committee on Finance it plans a one-year suspension of statutory transfers that split fiscal year surplus funds between a supplemental reserve account and the state employeesretirement system, freeing about $43.3 million to help balance the governors budget; labor groups testified against the pause.
The House Committee on Finance heard administration testimony that the governor's budget would suspend for one year both the supplemental rainy day transfer and the supplemental transfer to the Employees' Retirement System of Rhode Island (ERSRI). The pause is intended to use roughly $43.3 million of surplus fiscal 2024 revenue to help close the current-year budget gap.
Sharon, the administration presenter, explained the background: in 2023 the General Assembly established a supplemental reserve account seeded with $55 million and created a mechanism to dedicate half of any revenues above final…
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