PROVIDENCE, R.I. -Governor Gina M. Raimondo today announced that the FY15 Preliminary Closing Statement, issued by the Department of Administration's Office of Accounts and Control, shows the state ended fiscal year 2015 with a $166.4 million General Fund surplus. General revenue expenditures were $21.5 million less than budgeted and general revenues were $23.9 million more than estimated.
"In my jobs plan, I made it clear it is time to reinvigorate Rhode Island and state government with fresh ideas and new ways of doing things so that we can enhance accountability, control costs, and get better results for our citizens," said Raimondo. "We're focused on improving efficiency within our agencies, modernizing our way of doing business, and increasing collaboration throughout state government - we're already seeing results. I am grateful for the work of all of my cabinet directors and all state employees on these efforts."
The FY15 Preliminary Closing Statement also shows the budget reserve and cash stabilization account is fully funded with a balance of $185.4 million. The Rhode Island Capital Plan Fund available balance is $132.6 million.
"Our work to control costs is reducing the projected deficit, but Rhode Island still faces a large deficit for FY2017," Raimondo added. "We have to continue making tough decisions to eliminate our structural deficit, such as our work to reinvent Medicaid, so that we can invest more in job-creating initiatives and create more predictability and stability for businesses."
You can view the full FY15 Preliminary Closing Statement below.