The Rhode Island Reaching Agreement (IRA) is a legally binding agreement between the State of Rhode Island and the Rhode Island General Assembly that sets forth the terms of a comprehensive budget and policy settlement. IRA is designed to provide stability and certainty to the state's budget and economic outlook in the face of changing fiscal conditions. IRA is negotiated annually between the Governor, Senate President, and Speaker of the House. The agreement sets out the parameters of the budget and other policy considerations. It includes the revenue and spending targets that the General Assembly must adhere to in order to balance the budget, as well as any additional policy changes agreed upon by the parties. The IRA is organized into three main parts: Core Budget, Bond Authorization, and Other Policy Considerations. The Core Budget outlines the revenue and spending targets that the General Assembly must adhere to in order to balance the budget. The Bond Authorization outlines the state's borrowing capacity and requires the General Assembly to approve any new debt. The Other Policy Considerations section includes any additional policy changes agreed upon by the parties. There are two types of Rhode Island Reaching Agreement: the interim IRA and the final IRA. The interim IRA is negotiated annually between the Governor, Senate President and Speaker of the House and outlines the parameters of the budget and other policy considerations. The final IRA is ratified by the General Assembly and sets forth the budget and policy changes that will be implemented.