Rhode Island’s budget increased cumulatively less than pop+inf in state funds but more than pop+inf in all funds from 2014-23, meaning taxes are lower in state funds but higher in all fudns than the average taxpayer can afford.

  • The 2023 state funds budget is $661 million billion higher than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
  • Because the state funds budget grew slower than population growth plus inflation for the last ten years, the state spent and taxed $968 million less than possible.
  • The 2023 all funds budget is $3.2 billion higher than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
  • Because the all funds budget grew faster than population growth plus inflation over the past decade, the state spent and taxed $10.1 billion too much.

State Funds Budget Data

  • Estimated FY 2024 Only State Funds Budget ($ Billions): $8.50
  • FY 2025 Only State Funds Budget Limit ($ Billions): $8.95
  • FY 2025 Only State Funds Budget Limit Growth ($ Billions): 5.34%
  • Cost per person of state funds budgeting more than pop+inf over the last decade in 2023 budget: $603
  • Cost per family of 4 of budgeting more than pop+inf over the last decade in 2023 budget: $2,411
  • Cumulative cost per person of state funds budgeting more than pop+inf over the last decade from 2014-23: ($883)
  • Cumulative cost per family of 4 of state funds budgeting more than pop+inf over the last decade from 2014-23: ($3,533)

State All Funds Budget Data

  • Estimated FY 2024 All Funds Budget ($ Billions): $14.49
  • FY 2025 All Funds Budget Limit ($ Billions): $15.27
  • FY 2025 All Funds Budget Limit Growth ($ Billions): 5.34%
  • Cost per person of all funds budgeting more than pop+inf over the last decade in 2023 budget: 2960.931558
  • Cost per family of 4 of all funds budgeting more than pop+inf over the last decade in 2023 budget: 11,844
  • Cumulative cost per person of all funds budgeting more than pop+inf over the last decade from 2014-23: 9,183
  • Cumulative cost per family of 4 of all funds budgeting more than pop+inf over the last decade from 2014-23: 36,734

Other Considerations