The state House of Representatives has restored most of a proposed 50-percent cut in funding to the Rhode Island Economic Development Corporation.

As part of its vote early Thursday morning in favor of a $7.76-billion state budget for the fiscal year that starts July 1, the House approved $4.65 million in funding for the EDC, $2 million more than a powerful House committee proposed last week.

The funding, although higher than the House Finance Committee initially planned, is still 12 percent less than the EDC’s current $5.3-million budget, according to the agency.

EDC interim executive director J. Michael Saul expressed gratitude to the legislature for restoring the funds and to Governor Carcieri’s office for lobbying on behalf of his agency.

Full Story: House vote restores funding for R.I. Economic Development Corporation Source: Providence Journal, June 26th, 2009 Author: Alex Kuffner Added on June 29th, 2009 at 10:31 am, by Matt Mikula