Audit: R.I. General Fund revenue exceeds expenses by $30.7M in FY 2020

RHODE ISLAND'S "rainy day" fund declined to $90.7 million by the end of the fiscal 2020 year, following a $120 million transfer due to anticipated revenue reductions and increased expenditures related to the pandemic, according to a new audit. / PBN FILE PHOTO/ NICOLE DOTZENROD

PROVIDENCE – Rhode Island General Fund revenue exceeded expenses by $30.7 million in fiscal 2020, according to a report from the R.I. Office of the Auditor General released on Thursday.

The state’s “rainy day” fund totaled $90.7 million at the end of the fiscal year, following a $120 million transfer due to anticipated revenue reductions and increased expenditures related to the COVID-19 pandemic. The report noted that the fiscal 2021 budget includes a provision to restore $90 million to the reserve.

The governmentwide deficit at the end of the year was $303.6 million, compared with a  $228.1 million deficit one year prior.

The report said that the state’s fiscal operations for the year were, “significantly affected by the global pandemic, which negatively impacted certain revenue sources, increased costs in response to the public health emergency and dramatically increased the volume and amount of unemployment claims.”

- Advertisement -

Other details from the report:

  • The balance of the General Fund was $402 million at the end of the fiscal year, with $156.2 million available for future appropriation.
  • There was $62.2 million available in the Rhode Island Capital Plan Fund for future capital projects.
  • Total revenue was $7.61 billion for the fiscal year, an increase of 5.6% year over year.
  • General Fund expenditures totaled $7.6 billion, an increase of 5.3% year over year.
  • Net pension liabilities totaled $3.7 billion at the end of the fiscal year.
  • Long-term liabilities totaled $7.6 billion at the end of the fiscal year.
  • Unemployment benefits paid totaled  $1.4 billion, compared with $148 million one year prior.
  • State federal expenditures related to COVID-19 totaled $1.5 billion in the fiscal year, including $1 billion in Unemployment Insurance funds.
  • All federal grants for the fiscal year totaled $3.1 billion, a 10.7% rise year over year. Federal funding accounted for 42% of state revenue in that time.

No posts to display