PROVIDENCE – In fiscal 2018, Rhode Island’s General Fund expenditures and transfers exceeded revenue by $31.3 million, according to an audit by the R.I. Office of the Auditor General released Wednesday.
The General Fund balance at the end of the fiscal year was $358.7 million, of which $31.3 million has been appropriated to support the fiscal 2019 budget. Of the total, $21.3 million is available for future appropriation, the report said.
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Expenditures totaled $7 billion, a substantial portion off which was used for human services and education, comprising of $3.9 billion and 1.6 billion, respectively. Lottery transfer for the fiscal year totaled $365 million, an increase of $2.3 million year over year.
The General Fund’s revenue was largely drawn from taxes and federal funds making up 44 and 40 percent of revenue, respectively.
The government-wide net position for primary government functions at the end of fiscal 2018 was a net deficit of $374.2 million, an improvement of $221.2 million year over year.
The report noted that the state’s Rainy Day Fund was fully funded and totaled $198.5 million. The state also had $131 in its R.I. Capital Plan Fund for capital projects.
Capital assets for the primary government, net of depriaction, totaled $4.4 billion, of which $2.3 billion were infrastructure assets.
Long-term liabilities – which include net pension liabilities, bons payable and other post-employment benefits (mainly retiree health care) – totaled $7.4 billion by the end of June. Net pension liabilities at the end of the fiscal year totaled $3.6 billion.
The audit also listed the net position of all six state pensions as a percentage of total pension liability:
- ERS – State employees: 51.8 percent
- ERS – Teachers: 54 percent
- SPRBT – State Police: 84.1 percent
- SPRFT – State Police: 9.1 percent
- JRBT – Judges: 89.8 percent
- RIJRFT – Judges: 3.2 percent
The audit also included OPEB plan fiduciary net positions as a percentage of total OPEB liability:
- State employees: 22.4 percent
- Teachers: 76.2 percent
- State Police: 45.5 percent
- Judicial: 279.9 percent
- Legislators: 190.4 percent
- Board of Education: 32.1 percent
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
