Governor Chafee has announced that the FY14 Preliminary Closing Statement, issued by the Department of Administration’s Office of Accounts and Control, shows the state ended fiscal year 2014 with a $68 million General Fund surplus.
General revenue expenditures were $16.1 million less than budgeted. For each year of the current administration’s term, the state’s general revenue expenditures have been less than budgeted appropriations – $18 million less in 2011, $29 million less in 2012, and $17.8 million less in 2013. This is the fourth year in a row that the state has seen strong closing surpluses – $64.2 million in FY11, $115.2 million in FY12, and $104.1 million in FY13. $59.2 million of the surplus funds were accounted for in the FY15 budget as enacted by the General Assembly.
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In addition, the FY14 Preliminary Closing Statement shows the 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.
“I am very proud of our team of directors and state employees throughout all of state government who deserve significant credit for spending less than their enacted budget,” stated Governor Chafee. “I am gratified once again that the state has ended each year that I have been Governor with a healthy surplus. For the last two years, my administration has submitted a balanced budget on time and now, due to the strong fiscal management exhibited by our state agencies, we can announce that this is the fourth straight year in a row with state agencies coming in under budget.
“Recent economic indicators – including the steadily declining unemployment numbers, the increase in median house prices, continued economic growth in Q1 and Q2 and projected growth for Q3 – combined with this latest news of the state’s positive economic performance, show that together we are strengthening Rhode Island’s economy. I am proud that my administration has set a strong platform for the next governor and the next stage in our state’s recovery.”