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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