“The Candy Store is Not Open” - Abney Issues Warning Following Anticipated Increase in Tax Revenue
GoLocalProv News Team
“The Candy Store is Not Open” - Abney Issues Warning Following Anticipated Increase in Tax Revenue
VIDEO: House Finance Chair Abney Joins Nagle LIVE at the RI State House BELOW
“I just want to dispel a myth right away that just because the numbers came in better than what we expected, that does not mean we have a surplus and it doesn’t mean the candy store is open either — we have a very deliberate process by which we conduct and put the budget together,” said Abney. “Just because the numbers were better that doesn’t mean that everybody can get everything they want."
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“I wasn’t completely surprised that we were doing better than where we should have been, but again, I just want to caution just because the numbers as they ware that does not change my strategy on how we put this budget together,” said Abney. “One of the things I look for, particularly if it’s a new program, is did the old one work — what is it replacing and if it’s a new program how much does it cost, can we afford it.”
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Sports Betting
Abney said that he will proceed “conservatively” with anticipated revenue from sports betting for Fiscal Year 2020, after Rhode Island is now looking at taking in $2.2 million for the current fiscal year, after the state had budgeted $23.5 million.
READ: $40M Error: Raimondo Administration Misused Data on Sports Betting Says National Gaming Group
While the state is expected to see a growth in revenue with expanded mobile sports betting, the prospect of legalized sports betting in Massachusetts could have a significant impact on Rhode Island — as could a downturn in the economy.
“I’m always cautious of what you can get from betting of any kind. It is a help, that’s true, but I’m very conservative when it comes to trying to guess and plan off those numbers that can change in a heartbeat,” said Abney.
“It’s a crazy way to put it -- ‘booking’ numbers -- but I have a problem when we book numbers connected to something that is so fluid,” said Abney. “As I said before when people get used to it and it’s not a novelty anymore it changes sometimes.”
“We will have to make some tough choices,” said Abney of the continuing budget process. “We have a lot of tough choices to make and the candy store is not open.”