Government
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Several cycles of Pentagon budget cuts and plans for a smaller U.S. military haven’t dimmed the optimism of the southern New England defense sector. Largely thanks to submarine giant General Dynamics Electric Boat, the industry has remained stable over the last several years and could even see growth ahead. But military contractors and the numerous companies linked to their supply chain are not relying solely on the political clout of the local congressional delegation to keep contracts comings. more
Rhode Island ended fiscal 2014 with a surplus balance of $68 million, $8.8 million more than estimated in the budget, Gov. Lincoln D. Chafee announced Friday. more
(Updated, 1:40 p.m.) The fiscal year of 2014 showed an uptick in hospitality and tourism spending in the Ocean State, as collections for both the 1 percent meal and beverage tax and the 1 percent hotel tax posted increases over fiscal 2013. more
State, federal and local officials marked the groundbreaking of a $29.9 million project that will overhaul Warwick’s historic Apponaug Village last week. more
The U.S. budget deficit will narrow less than forecast this year even as it falls to the lowest level since 2007 as a share of the economy, according to the Congressional Budget Office. more
The R.I. Department of Labor and Training has recovered more than $4.6 million so far this calendar year from individuals or employers trying to “game the system,” Director Charles J. Fogarty said in a department email newsletter. more
Capital Good Fund has been awarded a $125,000 Community Development Financial Institutions Fund grant from the U.S. Department of Treasury to provide micro-loans and financial coaching to low-income residents and communities across Rhode Island. more
Citing a number of concerns, including community opposition to the location of large wind turbines near the city’s Point neighborhood, the U.S. Navy has shelved its proposed wind energy project in Newport. more
The Slater Technology Fund is seeking $3 million from the state Renewable Energy Fund to seed a new $8 million investment vehicle for Rhode Island early-stage energy companies. more
The R.I. Department of Revenue collected $297,158 more than expected in July, resulting in a monthly total general revenue surplus of one-tenth of 1 percent compared with the state’s original revenue projections. more
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