Adds the workers' compensation administration fund to those restricted receipt accounts not subject to indirect cost recoveries.
Impact
The implications of S0442, if passed, would particularly focus on how the state allocates funds related to workers' compensation. By excluding this fund from indirect cost recovery, the legislation is designed to enhance its financial management and efficacy without the burden of state financial overheads. This could ensure a more stable funding source for workers' compensation claims and administrative operations, impacting both employers and employees within the state by potentially providing faster and more reliable services.
Summary
Bill S0442, introduced in January 2025, proposes a modification to the provisions governing indirect cost recoveries on restricted receipt accounts within the context of public finance in Rhode Island. Specifically, the bill seeks to exempt the workers' compensation administration fund from the existing rules that require a 10% transfer of cash receipts from restricted receipt accounts to be recorded as general revenues in the general fund. This amendment aims to reinforce the financial integrity and accessibility of the workers' compensation fund, allowing it to operate without the financial distraction of indirect cost transfers.
Contention
Debate surrounding S0442 indicates potential points of contention among legislators, particularly regarding state fiscal policy and the management of public funds. Supporters of the bill may view it as a necessary reform to protect vital services related to workers' compensation, while opponents could argue that exempting such accounts from general cost recovery could set a precedent for other special funds seeking similar exemptions, leading to an overall strain on the state’s financial resources. The balance between safeguarding specialized funds and maintaining a sustainable public finance system is likely to be a focal point of legislative discussion.
Creates the Rhode Island Individual Market Affordability Act of 2024 to help reduce out-of-pocket costs for low- and moderate-income consumers enrolled in the health insurance exchanges.
Creates the Rhode Island Individual Market Affordability Act of 2024 to help reduce out-of-pocket costs for low- and moderate-income consumers enrolled in the health insurance exchanges.
Amends various provisions relative to the duties of the state building commissioner and establishes a building code education and training unit to educate building officials and inspectors statewide.
Amends various provisions relative to the duties of the state building commissioner and would establish a building code education and training unit to educate building officials and inspectors statewide.