Projo Biz Blog

PROVIDENCE -- The House of Representatives has restored most of a proposed 50 percent cut in funding to the Rhode Island Economic Development Corporation.

As part of its vote early this morning in favor of a $7.76-billion state budget for the fiscal year that starts July 1, the House approved $4.65 million in funding for the EDC, $2 million more than a powerful House committee proposed last week.

The funding, though higher than the House Finance Committee initially planned, is still 12 percent less than the EDC's current $5.3 million budget, according to the agency.

EDC interim executive director J. Michael Saul expressed gratitude today to the legislature for restoring the funds and to the Governor's office for lobbying on behalf of his agency.

"Now, more than ever, we need to invest in economic development for the state of Rhode Island," Saul said in a statement released this afternoon. "This restoration will ensure that RIEDC can continue to focus on its mission to create jobs, help companies expand and develop Rhode Island¹s workforce."

 Tags  budget General Assembly Rhode Island Economic Development Corporation

---