October 29th, 2010 
davidguide By News staff
The Rhode Island Public Expenditure Council said in a new report that its projection for the state budget deficit for the fiscal year that runs from July 1, 2011 to June 30, 2012 is between $361.5 million and $369.9 million.
The reason for the deficit is a significant increase in spending related to the elimination of federal stimulus funds, other spending growth, and continued weak revenues, said RIPEC, a nonpartisan, business-backed group.
“How the state addresses the FY 2012 budget will set the course for the next few years,” RIPEC, a public policy research organization, said in a statement.
The FY 2012 budget will be the first one set by the new governor elected on Tuesday and the new General Assembly that takes office in January.
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