PROVIDENCE – Rhode Island ended fiscal year 2012 with a $115.5 million General Fund surplus, according to a report from state controller Marc Leonetti.
The Ocean State fared better than expected, pulling in $12.9 million more than anticipated in general revenue and spending $29.4 million less on general revenue expenditures than budgeted during the year ended June 30.
The state made less money than forecast from lottery ticket sales, cigarettes, alcohol and motor fuel, but made up lost ground on sales and income tax as well as taxes on inheritance and gifts.
The Rhode Island Capital Fund available balance is $125.6 million.
In his Aug. 30 letter to the House and Senate Committees on Finance, Leonetti called the state’s budget reserve “fully funded” with a balance of $153.4 million.
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
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