09/02/2014

Rhode Island ends Fiscal Year with a Surplus

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Governor Lincoln Chafee announced Friday, August 29 that Rhode Island ended fiscal year 2014 in June with a $68 million general fund surplus which was $8.7 million more than the General Assembly expected. According to a report from Rhode Island’s Department of Administration’s Office of Accounts and Control, general fund revenue expenditures were $16.1 million less than budgeted. The state also saw expenditures fall below budget by $18 million in 2011, $29 million in 2012 and $17.8 million in 2013.

The fiscal year 2014 preliminary closing statement showed that the state’s budget reserve and cash stabilization account is fully funded with a balance of $177 million. The Rhode Island capital plan fund available balance is $124.4 million.

Moody’s Investors Service rates Rhode Island general obligation bonds Aa2. Fitch Ratings and Standard & Poor’s rate them AA.