The Rhode Island Senate has greenlit a substantial $14 billion budget plan for the upcoming 2024 fiscal year, commencing July 1st. This decision follows the House's approval of the same spending plan the previous week. The budget prioritizes addressing the pressing housing shortage, bolstering business growth, and ensuring fairer distribution of education funds. It emphasizes utilizing one-time revenue sources for non-recurring expenses.

Governor Dan McKee is expected to formally sign the budget into law shortly. The spending plan has garnered praise for its focus on supporting small businesses, strengthening early childhood development initiatives, and providing various resources to combat the state's housing crisis, all while safeguarding the state's reserve funds.

A notable addition to the budget is a $39 million increase from the initial proposal, specifically earmarked for tackling the state’s housing challenges. This includes allocations for transit-oriented development and crucial infrastructure improvements like road and utility connections to support new housing construction. A low-income housing tax credit program, designed to incentivize developers to create more affordable housing options, is also incorporated within the plan. However, a proposal granting eminent domain powers to the Department of Housing was excluded.

Furthermore, an amendment introduced during the House's approval allocates an additional $7 million for early childhood programs, sourced from unused federal funds. This comprehensive budget aims to provide essential support to residents, particularly those in vulnerable situations, while fostering business growth and preparing Rhode Island for potential economic fluctuations.