R.I. ends FY15 with $166M surplus as revenue up, spending down

GOV. GINA M. RAIMONDO announced that the state ended up fiscal 2015 in a better fiscal position than expected, with a surplus of $166.4 million.  / PBN FILE PHOTO/MICHAEL SALERNO
GOV. GINA M. RAIMONDO announced that the state ended up fiscal 2015 in a better fiscal position than expected, with a surplus of $166.4 million. / PBN FILE PHOTO/MICHAEL SALERNO

PROVIDENCE – Rhode Island ended its fiscal year with a stronger bottom line than expected, a $166.4 million general fund surplus that reflects both higher than anticipated revenue and less spending.

The fiscal 2015 preliminary closing statement, prepared by State Controller Marc A. Leonetti, reported the budget reserve and cash stabilization account fully funded at $185.4 million. The Rhode Island Capital Fund balance is $132.6 million. The general fund budget is $3.6 billion.

The state pulled in $23.9 million more in revenue than expected, with collections up in categories including business corporation taxes (+3.3 percent, or $4.8 million), sales and use taxes (+1 percent, or $9.5 million), cigarette tax (+0.8 percent, or $1.1 million), inheritance and gift taxes (+8.6 percent, or $2.7 million), and realty transfer taxes (+5.5 percent, or $493,464). Even the lottery taxes showed an increase of 0.88 percent, or $3.3 million. Insurance company taxes showed the largest shortfall, declining 2.3 percent, or $2.8 million.

On the spending side, state departments and agencies spent $21.5 million less than budgeted. The state Office of Health and Human Services had the largest single variance in its budget, spending $9.1 million less. Among the others with large savings were the Department of Administration and the Legislature, which spent $5.2 million and $4.4 million less than budgeted, respectively.

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In a press release, Gov. Gina M. Raimondo said the savings reflect “fresh ideas and new ways of doing things.”

“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.”

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