PROVIDENCE, R.I. (WLNE) — Rhode Island’s House Finance Committee voted to approve a nearly $14 billion budget for the 2025 fiscal year.

The budget is $60 million less than the current one due to an end to federal pandemic aid.

The committee said that the budget includes additional funding toward education and children, raises Medicaid reimbursement rates and includes a $120 million affordable housing bond.

“Through this budget, we are emphasizing education at every level and supporting children,” Speaker Joseph Shekarchi said.

Shekarchi added that schools will receive a $70.9 million increase in state aid, as well as increases for multi-language learners, the governor’s Learn365RI initiative for out-of-school learning, and reading and math achievement.

On the college level, the budget includes an additional $1 million in operating supports for Community College of Rhode Island and $2 million for University of Rhode Island, continues both the Rhode Island Promise and the Hope scholarship programs, and includes bond questions for additional facility improvements for CCRI, URI, and Rhode Island College.

For healthcare, the plan allocates $160 million to fully fund the plan recommended by the Office of the Health Insurance Commissioner to raise Medicaid reimbursement rates next year, as well as $10 million in unspent federal COVID funding to nursing homes, and $1 million to purchase medical debts of struggling Rhode Islanders.

On the housing end, the proposed budget includes $90 million for affordable housing, $10 million for acquisition and revitalization, $10 for homeownership programs, $5 million for site acquisition, $4 million or housing-related infrastructure, and $1 million for municipal planning.

Other proposals in the budget include a proposal to raise the exemption on certain pension plans from $20,000 to $50,000 for single filers and $100,00 for joint filers, and an additional $5 million to “help the Rhode Island Public Transit Authority close a $18.1 million budget gap.”

“This year’s budget proposal reflects the fact that while the influx of federal pandemic funding has come to an end, Rhode Island is still on sound financial footing and we have continued to best position Rhode Island for future economic possibilities,” House Finance Committee Chairman Marvin Abney said. “This budget takes care of and supports our residents, families and children without putting any additional financial burdens on the people of Rhode Island, many of whom are struggling due to the higher costs of daily life we are now seeing.”

The full bill can be read here.